: Beyond Meat suspends exec after arrest in nose-biting incident as stock hits all-time low

by | Sep 20, 2022 | Stock Market

Beyond Meat Inc. late Tuesday said it suspended Chief Operating Officer Doug Ramsey, who was arrested over the weekend and charged after allegedly biting a man’s nose during an altercation in Arkansas. Jonathan Nelson, senior vice president of manufacturing operations, will oversee operational activities on an interim basis, Beyond Meat
said in a brief statement.

Shares of Beyond Meat edged higher in the extended session Tuesday, after ending the regular trading session at a record low. The stock is down some 75% year to date, as the maker of plant-based burgers and sausages faces broader difficulties surrounding inflation and competition. By comparison, the S&P 500 index
is down 19% so far this year. Ramsey was arrested Saturday night and charged with third-degree battery and “terroristic threatening.” According to television station KNWA in Fayetteville, Ark., the altercation occurred in a parking garage close to the University of Arkansas’ Razorback Stadium, following a college football game between the university and Missouri State. According to a police account cited by KNWA, a Subaru “inched his way” in front of the Bronco that Ramsey was driving while trying to leave the garage and made contact with the front passenger-side tire on Ramsey’s vehicle. Ramsey allegedly then exited and “punched through the back windshield of the Subaru,” according to the police account cited by the news outlet. After the driver of the Subaru exited, Ramsey allegedly “pulled him in close and started punching his body,” and bit the driver’s nose, “ripping the flesh on the tip of the nose.” KNWA said the alleged victim and a witness also heard Ramsey “threaten to kill” the Subaru driver. Ramsey was booked late Saturday night at Washington County Jail, according to KNWA and an inmate record. He was released Sunday morning on a total $11,085 bond. Ramsey is scheduled to appear in court again on Oct. 19. A representative for the University of Arkansas Police Department, which the inmate record listed as the arresting agency in the incident, did not immediately respond to a request for more information. At last check, Beyond Meat was up 0.5% in after-hours trade. The …

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