As a result of these disclosures, the price of Beyond Meat stock declined by $12.82 per share, or nearly 12%.
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%. As a result of Defendants' misrepresentations and omissions, Beyond Meat common stock traded at artificially inflated prices during the Class Period. These problems led some partners to balk at the high price of Beyond Meat's products and express doubts about the Company's ability to produce them at commercial scale.
According to current and former employees of the Company, Beyond Meat suffered from widespread scaling issues, misaligned and delayed decision-making, and severe production delays. In reality, Beyond Meat struggled to manufacture its meat substitutes at scale to the specifications of its partners. Specifically, Defendants repeatedly assured investors that Beyond Meat conducted "extensive testing" to "ensure manufacturability" of its plant-based meat products at commercial scale, and touted the success of the Company's product tests with its large-scale partnerships as "very positive." Further, Defendants blamed any delays in launching these large-scale partnerships on Covid-19. The complaint alleges that, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions concerning the Company's ability to produce plant-based meats at scale.
Beyond meat stock today series#
After going public, Beyond Meat launched a series of high-profile partnerships with foodservice providers such as Starbucks, McDonalds, KFC, Pizza Hut, and Taco Bell.
Beyond Meat found success creating small, sample-sized prototypes of its product offerings and, subsequently, became the best-performing IPO in nearly two decades when it went public in 2019. The Company sought to build "meat directly from plants" by faithfully replicating the look, taste, and texture of animal meat using only vegan, non-genetically modified ingredients. You may also click here for additional information: There is no cost or obligation to you.įaruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.īeyond Meat is a global producer of plant-based meat substitutes such as Beyond Burgers, Beyond Sausages, Beyond Meatballs, and Beyond Pepperoni. If you suffered losses exceeding $100,000 investing in Beyond Meat stock or options between and Octoand would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 87 or 21 (Ext. ("Beyond Meat" or the "Company") (NASDAQ: BYND) and reminds investors of the Jdeadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. May 19, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Beyond Meat, Inc. Analysts on FactSet have forecast $390.1 million.Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Beyond Meat To Contact Him Directly To Discuss Their Options
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We are pleased to report strong progress for the second full quarter of this strategy cash use and net loss are substantially improved on a sequential and year-over-year basis gross margin is up on a sequential and year-over-year basis and we delivered net revenues consistent with guidance,” Beyond Meat Chief Executive Ethan Brown said in a statement.īeyond Meat did offer a full-year revenue guidance range of $375 million to $415 million. “Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth. But sales exceeded analysts’ expectations, and Beyond Meat offered encouraging revenue guidance.Īnalysts surveyed by FactSet had expected on average a net loss of $1.01 a share on revenue of $91.7 million. Revenue declined 16% to $92.2 million from $109.5 million a year ago. Beyond Meat reported a fiscal first-quarter net loss of $59 million, or 92 cents a share, compared with a net loss of $100.5 million, or $1.58 a share, in the year-ago quarter.
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