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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

Beyond Meat Facing Litigation by Shareholder Group

05/23/2023

Robbins, LLC, a shareholder advocacy legal practice, has filed a class action suit on behalf of the purchasers of Beyond Meat (BYND) common stock between May 5th 2020 and October 13th 2022.  Plaintiffs include the Retail and Wholesale Department Store Union; Local 338 Retirement Fund and others that will constitute the class.

 

At issue are alleged misleading statements by executives of Beyond Meat concerning the success of product evaluation and establishing partnerships with major chains including McDonald’s Corporation, Starbucks, KFC, Pizza Hut and Taco Bell.  Despite optimistic projections, Beyond Meat was unable to supply sufficient quantities of product resulting in cancellation of agreements.

 

The allegations in the filing include inappropriate decisions, delays in production and lack of coordination leading to initially willing customers abandoning the product and company.

 

A review of the financial performance of Beyond Meat is detailed in a companion posting in this edition of CHICK-NEWS.


 
Copyright © 2024 Simon M. Shane