McDonald's, Yum! Brands Shares Dip On China Meat Scandal

News broke late Sunday night that both McDonald's MCD and Yum! Brands YUM have suspended meat purchases from a Shanghai-based supplier that is being investigated by the Chinese government for allegedly repacking and selling expired beef and chicken.

Both companies released statements on their microblogs stating that due to safety concerns, business with Shanghai Husi has suspended.

A representative from Illinois-based OSI Group, which owns Shanghai Husi, has confirmed that the company is under investigation, but has not commented further.

Following the news, shares of McDonald's and Yum! Brands have dipped ~0.6 and ~1.9 percent, respectively.