What happened

Beyond Meat (BYND) saw its stock price plummet 6% on Tuesday to $16.03 per share at the closing bell. The stock price had been down as much as 6.4% in late afternoon trading. The stock is down a whopping 75% year to date.

All of the major indexes were down today as the Dow Jones Industrial Average fell 313 points (1%), the S&P 500 dropped 44 points (1.1%), and the Nasdaq Composite was off 110 points (1%).

So what

Beyond Meat made headlines on Tuesday and it wasn't good news. The company's chief operating officer, Doug Ramsey, was arrested after allegedly getting into an altercation this past weekend after a University of Arkansas football game. Ramsey allegedly bit a man's nose in the fight in a parking garage after the game.

Ramsey was charged with terroristic threatening and third-degree battery, according to multiple reports. He was detained in Washington County jail on Saturday night. The COO had only been with Beyond Meat since last December, joining from Tyson Foods, where he worked for three decades, according to reports.

According to a statement released on PR Newswire Tuesday afternoon: "Doug Ramsey, Beyond Meat's Chief Operating Officer, has been suspended effective immediately. Operations activities will be overseen on an interim basis by Jonathan Nelson, Senior Vice President, Manufacturing Operations."

Now what

This is obviously not good situation for the producer of plant-based meat substitute products, which has endure a difficult year already.

It the second quarter, Beyond Meat lowered its revenue growth outlook for the remainder of 2022, calling for a 1% to 2% revenue increase over 2021, down from initial expectations of a 21% to 33% revenue jump over 2021. It also announced it would be reducing its workforce by 4%, which would result in annualized savings of $8 million.

The muted outlook is based on the impact of inflation and higher interest rates on consumer behavior and the economic uncertainty that lies ahead. The stock remains overvalued and given the outlook, the near-term prospects are not looking any better.