There is more than meat.
Five false advertising lawsuits against Beyond Meat have been consolidated by the US Judicial Panel on Multidistrict Litigation.
Don Lee farms used to be the exclusive supplier of Beyond Meat products. The civil class-action lawsuit was brought by three Beyond customers.
There are complaints about the amount ofProtein found in Beyond products According to Don Lee Farms, the meat alternatives had been tested by an independent laboratory and found to have less meat in them. The company accuses Beyond of lying when it says that its products are free from synthetic ingredients.
The consolidated case will be transferred to the Northern District of Illinois as individual cases were spread across several districts.
Falling revenue
Over the past year, Beyond Meat has experienced wider-than- expected losses. Consumers are opting for cheaper products due to inflation. Competition in the plant-based meat sector is thought to be a factor.
Beyond has hired a new CFO and head of marketing in order to make its growth more sustainable.
"Though this quarter's results are disappointing, with a sharp decline in revenues and associated knock-on effects across the income statement including gross margin driven by a challenging macro environment, we are implementing aggressive measures with immediate effect to positively impact our near-term operations."
