The stock of Beyond Meat plummeted 5% on Friday after a major newswire reported that Yum! Brands-owned Taco Bell had canceled a planned test of a Beyond Meat product.
Taco was displeased with the samples, according to the report. Beyond Beef claimed it fired two members of the team that created the product, which was meant to resemble grilled meat known as carne asada.
According to the article, another test of a Beyond Meat product could yet take place.
Beyond Meat has had a difficult time getting its products to market, with some of them experiencing delays. Its stock price has reflected this. It's lost nearly 50% in a year when indices have reached fresh highs.
Since March 2020, the business has "commercialized and marketed more than a dozen retail and foodservice goods in the United States and internationally," according to a major newswire.
McDonald's began testing a McPlant burger in several of its U.S. locations last month. The plant-based burger was developed in collaboration between the fast-food company and Beyond Meat. McDonald's indicated in October that the tests would continue as long as supplies last.