Beyond Meat Sued for Allegedly Concealing Need for Big Writedown
Beyond Meat has been sued by shareholders who accused the struggling plant-based meat producer of defrauding them by concealing its need for a big asset writedown, culminating in a 61% drop in its share price.
According to a proposed class action filed on Friday, for much of last year Beyond Meat publicly emphasized its focus on cutting expenses and expanding margins, without disclosing it might need to write off long-lived assets such as a manufacturing plant, equipment and leases.
The lawsuit in Los Angeles federal...
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