Archived Investigations
Beyond Meat, Inc. (NasdaqGS: BYND)
Beyond Meat and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 10, 2021, post-market, the Company disclosed a $1.8 million inventory write-off, which it attributed to effects from Covid-19. On this news, shares of Beyond Meat fell $12.55 per share, or nearly 13%, to close at $81.93 per share on November 11, 2021. Then, on December 9, 2021, media sources reported that Taco Bell had cancelled a planned test of Beyond Carne Asada due to ongoing quality concerns. On this news, shares of Beyond Meat fell $5.58 per share, or nearly 8%, to close at $64.51 per share on December 10, 2021. Finally, on October 14, 2022, pre-market, the Company disclosed the departure of its COO, CFO and CGO.
On this news, shares of Beyond Meat fell $1.43 per share, or over 9.6%, to close at $13.35 per share on October 14, 2022.
The case is Retail Wholesale Department Store Union Local 338 Retirement Fund v. Beyond Meat, Inc., No. 23-cv-3602.