Grabar Law Office has brought an action pursuant to 8 Del. C. § 220 (“Section 220”) to enforce Beyond Meat shareholder’s statutory right to inspect certain corporate books and records.
In particular, Plaintiff wishes to inspect books and records relating to meetings of Beyond Meat’s Board of Directors (the “Board”) dating from no earlier than January 1, 2020 through no later than the date of the Company’s response to the Demand (defined, infra) regarding insider sales and materially false and misleading statements concerning the Company’s partners and partnerships.
Plaintiff’s purpose in making the Demand is reasonably related to her interests as a Beyond Meat stockholder. Public information about Beyond Meat and its directors’ materially false and misleading statements supplies a credible basis to suspect wrongdoing that warrants investigation – including executive departures, massive insider sales, and precipitous drops in Company stock following negative announcements that have formed the basis for a securities class action against the Company and certain of its representatives, captioned Saskatchewan Healthcare Employees’ Pension Plan and Mario Colato v. Beyond Meat, et al., Case No. 2:23-cv-03602-MWF-AGR (C.D. Cal.) (the “Securities Action”). That information, however, is insufficient for Plaintiff’s purpose of investigating that wrongdoing and for her separate but related purpose of investigating the independence of each of the Company’s directors and officers. Accordingly, Plaintiff seeks a summary Order from this Court requiring the Company to produce the demanded books and records for inspection.
If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call Joshua Grabar at 267-507-6085.
