Beyond Meat, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Beyond Meat, Inc. (“Beyond Meat” or the “Company”) (NASDAQ: BYND) securities during the period from May 2, 2019 through January 27, 2020. Investors have until March 30, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Beyond Meat’s termination of its supply agreement with Don Lee Farms (“Don Lee”) constituted a breach of that agreement, thus exposing the Company to foreseeable legal liability and reputational harm; and (ii) Beyond Meat and certain of its employees had doctored and omitted material information from a food safety consultant’s report, which the Company represented as accurate to Don Lee.
On January 27, 2020, Don Lee announced that “[a] judge has ruled Don Lee Farms proved the probable validity of its claim that Beyond Meat breached its manufacturing agreement with Don Lee Farms” and that “[i]n a separate motion before a different Judge, the Court granted Don Lee Farms request to name Beyond Meat Chief Financial Officer Mark Nelson, Senior Quality Assurance Manager Jessica Quetsch and Director of Operations Anthony Miller in its fraud claims which allege they intentionally doctored and omitted material information from a food safety consultants report, and then delivered that doctored report to Don Lee Farms and affirmatively represented that it was the complete opinion of the consultant.”
On this news, Beyond Meat’s stock price fell $4.63 per share, or 3.71%, to close at $120.12 per share on January 28, 2020.
If you acquired Beyond Meat securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.