Beyond Meat, Inc. (NASDAQ: BYND)
NEW YORK, NY – May 18, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who purchased or otherwise acquired Beyond Meat, Inc. (“Beyond Meat” or the “Company”) (NASDAQ: BYND) common stock between May 5, 2020 and October 13, 2022, inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774.
If you have incurred losses, you may, no later than July 10, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
On October 22, 2021, Beyond Meat announced that it was reducing its third quarter revenue outlook by up to $34 million. The Company also disclosed that its expenses and inventories were continuing to rise. On this news, Beyond Meat’s stock price fell $12.82, or 11.8%, to close at $95.80 per share on October 22, 2021, thereby injuring investors.
Then, on November 10, 2021, Beyond Meat announced a $1.8 billion write-off of unsold inventory. On this news, Beyond Meat’s stock price fell $12.55, or 13.3%, to close at $81.93 per share on November 11, 2021.
Then on November 17, 2021, Bloomberg reported on Beyond Meat’s production delays and execution challenges, stating that former employees claimed that there were “significant internal problems” stemming from “confusing and misalignment” and “belated decision-making” that corresponded with exacerbated production delays.
On this news, Beyond Meat’s stock price fell $3.01, or 3.6%, to close at $80.47 per share on November 17, 2021.
Then, on December 9, 2021, after the market closed, media sources reported that a planned product test between Beyond Meat and Taco Bell had been cancelled due to ongoing quality concerns. On this news, Beyond Meat’s stock price fell $5.58, or 7.8%, to close at $64.41 per share on December 10, 2021.
On October 14, 2022, Beyond Meat announced departures of several top executives, including the Company’s Chief Operating Officer, Chief Growth Officer, and Chief Financial Officer. On this news, Beyond Meat’s stock price fell $1.43, or 9.7%, to close at $13.35 per share on October 14, 2022, thereby injuring investors further.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 06/09/2023