|Company name||Beyond Meat, Inc.|
|Class period||May 2, 2019 to January 27, 2020|
|Lead plaintiff deadline||March 30, 2020|
|Court||Central District of California|
|Status||Class Action Complaint Filed|
NEW YORK, March 18, 2020 –Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Beyond Meat, Inc. (NASDAQ: BYND) securities between May 2, 2019 and January 27, 2020 (the “Class Period”). Investors have until March 30, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 27, 2020, Don Lee Farms issued a press release entitled “Judge Rules Don Lee Farms Likely to Obtain a Judgment. Beyond Meat’s CFO and Others Named Individually for Fraud.” The press release stated, in part, 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 consultant’s 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, or 3.71%, to close at $120.12 on January 28, 2020.
The Complaint, filed on January 30, 2020, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Beyond Meat’s termination of its supply agreement with Don Lee constituted a breach of that agreement, thus exposing the Company to foreseeable legal liability and reputational harm; (ii) Beyond Meat and certain of its employees had doctored and omitted material information from a food safety consultants report, which the Company represented as accurate to Don Lee; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Beyond Meat securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.