Beyond Meat, Inc. (NASDAQ: BYND) Investor Securities Class Action Lawsuit 01/30/2020

If you purchased shares of Beyond Meat, Inc. (NASDAQ: BYND), you have certain options and for certain investors are short and strict deadlines running. Deadline: March 30, 2020. NASDAQ: BYND investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Beyond Meat
Case Name: 
Beyond Meat Shareholder Class Action Lawsuit 01/30/2020
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 

An investor in shares of Beyond Meat, Inc. (NASDAQ: BYND) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Beyond Meat, Inc. in connection with certain allegedly false and misleading statements made between May 2, 2019 and January 27, 2020.

El Segundo, CA based Beyond Meat, Inc., a food company, provides plant-based meats.

Don Lee Farms (“Don Lee”) is a maker of plant-based and meat proteins. In 2014, Beyond Meat entered into an exclusive supply agreement with Don Lee to produce all of Beyond Meat’s products, including the development and launch of the Company’s popular Beyond Burger.
In early 2017, following the launch of the Beyond Burger, Beyond Meat terminated the Supply Agreement and transferred its production from Don Lee to other food manufacturers.
On May 25, 2017, Don Lee filed a complaint against Beyond Meat in the Superior Court of the State of California for the County of Los Angeles asserting claims for, inter alia, breach of contract, misappropriation of trade secrets, and unfair competition, seeking monetary damages and declaratory and injunctive relief.
Don Lee’s initial lawsuit spawned other related legal proceedings, including related claims by Don Lee against one of Beyond Meat’s new manufacturing partners, ProPortion Foods, LLC (“Proportion”), and cross-complaints by both Beyond Meat and ProPortion against Don Lee (collectively with Don Lee’s initial lawsuit, the “Don Lee Litigation”).
As the litigation progressed, Don Lee further alleged that Beyond Meat had employed lax food safety practices during the two companies’ partnership, specifically alleging, inter alia, that Don Lee found plastics, cardboard and a metal nozzle in ingredients that Beyond Meat supplied and that a Beyond Meat truck had arrived at a Don Lee processing facility with a load contaminated with an unidentified white powder. Don Lee alleged that Beyond Meat had provided an altered copy of a food-safety audit of its manufacturing facilities, and on that basis added fraud claims to its suit against Beyond Meat in March 2019.
Beyond Meat has consistently denied the merits of Don Lee’s claims.

Beyond Meat, Inc went public on May 2, 2019 and sold 9625000 shares at $25.00 per share. Shares of Beyond Meat, Inc. (NASDAQ: BYND) rose to as high as $234.90 per share in July 2019.

On January 27, 2020, post-market, Don Lee 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.”

Shares of Beyond Meat, Inc. (NASDAQ: BYND) declined on January 29, 2020 to $113.63 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Beyond Meat, Inc. (NASDAQ: BYND) common shares between May 2, 2019 and January 27, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 2, 2019 and January 27, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that 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, that 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, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.