Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Beyond Meat, Inc. who purchased shares between May 5, 2020 and October 13, 2022.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 10, 2023 to request that the court appoint them lead plaintiff.