Ethan Brown, president and CEO, addressed the category weakness during a conference call with investment analysts, pointing to three key factors.

Beyond Meat, Inc. recorded a loss of $366 million during fiscal year 2022, ended Dec. 31, 2022, more than double the loss of $182 million the company endured the year prior.

The five lawsuits, pending in four different districts, center around false advertising and labeling practices.

Leading the Series A funding round was Unovis, an early backer of Oatly and Beyond Meat, with participation from Bessemer Venture Partners, AgFunder and KBW Ventures.

A further deceleration in plant-based meat alternative sales has impacted Beyond Meat, Inc., leading to a greater loss than during the same period for the previous year.

Doug Ramsey, former Beyond Meat chief operating officer, is officially no longer with the company.

Bernie Adcock, a former supply chain executive for Tyson Foods and, most recently Beyond Meat, recently joined Pilgrim’s Pride Corp. 

Beyond Meat, Inc. is laying off approximately 19% of its workforce and has further reduced its fiscal 2022 sales outlook to a range of $400 million to $425 million. The company is scheduled to release its third-quarter financial results on Nov. 9.

Beyond Meat Inc. recently announced that Bernie Adcock resigned from his position as chief supply chain officer.

The chief operating officer at Beyond Meat Inc., who also previously held the position of group president of the poultry segment at Tyson Foods Inc., was suspended by the meat alternative company following a physical altercation at an Arkansas Razorbacks football game.