Vegan meat company sees stocks plunge, major layoffs at CEO departs over nose-biting scandal
Company has been hailed as major developer of plant-based meat.
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Beyond Meat, the vegan meat company that has been feted as a revolutionary developer of vegetable-based proteins, is undergoing major turmoil including stock plunges and major layoffs as well as a CEO's departure amid a violent scandal.
The company has seen steadily declining stock sine last year, with a brief turnaround beginning in June of this year reversing into an even steeper decline in August that has continued through October.
The company's flagging fortunes were exacerbated last week when it announced layoffs to nearly 20% of its staff, saying in a memo that it was "reducing its current workforce by approximately 200 employees, representing approximately 19% of the Company's total global workforce."
The company said at the time that it was also revising its third-quarter revenue outlook, stating that it "expects third quarter 2022 net revenues of approximately $82 million, a decrease of approximately 23% versus the prior-year period."
Company CEO Doug Ramsey, meanwhile, also left the company last week amid fallout over a violent altercation in which he reportedly bit some of the flesh off a man's nose during a road-rage incident.
The company is a close competitor with Impossible Foods, another plant-based meat corporation.
Beyond is based in Los Angeles and was founded in 2009.
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