As of 7:12 AM Eastern Time, the price of Beyond Meat stock (BYND) had dropped by more than 7% before the market opened.
As part of a 19% reduction in the plant-based meat company’s global workforce, which also includes the chief operating officer of the troubled company, Beyond Meat (NASDAQ:BYND) is letting go of an executive who was accused of biting someone else’s nose last month outside of a football game. The incident occurred in October.
Beyond Meat Stock Price (BYND)
The market worth of the firm dropped below $900 million on Friday as a result of the decline in the price of its shares. As the plant-based food manufacturer tries to combat falling sales, the stock had already dropped by almost 78% before to the start of the trading day. The price of a share of stock dropped to a new 52-week low of $12.76 earlier this week.
The corporation announced that this coming Friday would be Doug Ramsey’s final day in his role as Chief Operating Officer (COO). After the alleged fight, which took place in a parking garage in Arkansas after a University of Arkansas football game on September 20, Ramsey has been put on administrative leave.
According to an initial police report that was obtained by the local television station KNWA/Fox 24, Ramsey was arrested on September 17 after the 53-year-old allegedly “punched through the back windshield” of another vehicle during a road rage altercation after the other vehicle hit the front tire of the food executive’s car. The other car hit the front tire of the food executive’s car, which led to the problem.
According to the complaint, Ramsey started striking the owner of the vehicle after he got out of the car, and he “bit the owner’s nose, shredding the flesh on the tip of the nose.” According to the reports, Ramsey, who had started working for the corporation in December 2021, was arrested on suspicion of terroristic threats and violence in the third degree.
Beyond Meat said that its Chief Financial Officer is leaving the company and also gave a big sales warning for the third quarter. At the end of the second quarter, the company that makes plant-based Meat had a loss that was bigger than expected. Because of this, the company had already cut its worldwide workforce by 4% and lowered its projections for the whole year.
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Author Valerie Remorosa 
