As a result of these disclosures, the price of Beyond Meat stock declined by $12.82 per share, or nearly 12%, from $108.62 per share to $95.80 per share. As part of the announcement, Beyond Meat also revealed that the Company’s expenses and inventories were continuing to rise. The truth began to emerge on October 22, 2021, when Beyond Meat announced that the Company was reducing its third quarter net revenues outlook by up to $34 million, or 25%. For instance, Defendant and Chief Financial Officer Mark Nelson sold 440,000 shares of Beyond Meat stock during the Class Period for over $58.3 million in proceeds. Beyond Meat blamed any delays in launching these large-scale partnerships on Covid-19.Ĭertain Beyond Meat executives profited enormously from the alleged scheme by selling hundreds of thousands of shares of their personally held Company stock at artificially inflated prices during the Class Period.
Beyond Meat assured investors and partners that it would “ensure manufacturability” through “extensive testing,” and that it was capable of manufacturing the unique plant-based meat products at commercial scale. Plaintiff alleges that throughout the Class Period, Beyond Meat misled investors by boasting about the success of its product tests with its large-scale partnerships, including prominent food retailers like McDonalds, Starbucks, KFC, Pizza Hut, and Taco Bell. If you choose to take no action, you may remain an absent class member. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to serve as lead plaintiff, you must move the Court no later than July 10, 2023. The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934. (“Beyond Meat” or the “Company”) (NASDAQ: BYND) between and October 13, 2022, inclusive (the “Class Period”). NEW YORK, J(GLOBE NEWSWIRE) - Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Beyond Meat, Inc. Did you lose money on investments in Beyond Meat? If so, please visit Beyond Meat Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or to discuss your rights.
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