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BYND.US
id: 719, Created by Stan Vick, Scout
Beyond Meat (BYND) Case on Misleading
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C.D. California
Court23-CV-03602
Case number- Beyond Meat repeatedly failed to fulfill and revised its outlooks .
- $BYND significantly declined over, damaging investors.
- Investors suspect BYND & its Leaders of multiple misleadings.
On October 14, 2022, Beyond Meat announced the departure of several top executives, including the Company’s COO, CGO, and CFO.
On this news, $BYND declined over 9.6%, seriously damaging investors.
- On October 22, 2021, Beyond Meat announced that the Company was reducing its Q3 net revenues outlook by up to $34 million, or 25%. Beyond Meat also revealed that the Company’s expenses and inventories were continuing to rise. As a result of these disclosures, the price of Beyond Meat stock declined 12%.
- On November 10, 2021, Beyond Meat announced a $1.8 million write-off of unsold inventory. The price of Beyond Meat stock declined 13%.
- However, Beyond Meat continued to assure investors of the success of its partnerships. For example, on November 10, 2021, Brown claimed that the Company “overcame numerous technical challenges” and blamed its poor financial results on the Covid-19 pandemic.
- On November 17, 2021, an article was published in Bloomberg highlighting the delays in production and execution challenges Beyond Meat was facing. Former employees reported that there were “significant internal problems” stemming from “confusion and misalignment . . . and belated decision-making” that corresponded with exacerbated production delays. The price of Beyond Meat stock declined by 3.5%.
- On December 9, 2021, multiple media sources reported that Taco Bell had canceled a planned product test due to ongoing quality concerns. The price of Beyond Meat stock declined by 8%.
Certain Beyond Meat executives profited enormously from selling hundreds of thousands of shares of their personally held Company stock at artificially inflated prices. For instance, Nelson sold 440,000 shares of Beyond Meat stock for over $58.3 million in proceeds.
Taking all representations and appeared facts into account, Investors have reasons to suspect Beyond Meat and its certain Executives of multiple misleadings and financial misrepresentations, which consequently led to shareholders' losses.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 October 2022
Filing date
11 May 2023
Lead Plaintiff Deadline
10 July 2023