INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Oatly Group AB and Encourages Investors to Contact the Firm Before September 24, 2021
NEW YORK–(BUSINESS WIRE) – Kirby McInerney LLP law firm announces that a class action lawsuit has been filed in the US District Court for the Southern District of New York on behalf of those who have acquired Oatly Group AB (“Oatly” or the “Company”). (NASDAQ: OTLY) American Depository Shares (“ADSs”) for the period between May 20, 2021 and July 15, 2021 (the “Class Period”). Investors have until September 24, 2021 to apply to the court for appointment as the lead plaintiff in the proceedings.
Oatly is the world’s largest and most original oat milk company. It is organized under Swedish law and held its IPO in the USA in May 2021.
On July 14, 2021, the short seller Spruce Point Capital Management released a report entitled “Sour on an Oat-lier Investment”. The report alleged a wide range of misconduct and misrepresentation by Oatly, including that it falsely overstated its sales, gross margin, accounting and investment metrics; the protected nature of its production process and formula; and its history of growth in China, among others. A number of news outlets covered the Spruce Point Capital Management report in the days that followed. In light of this news, the price of Oatly ADSs fell $ 0.59 per ADS, or about 8.8% in two trading days from $ 21.13 per ADS, and closed at $ 19.48 per ADS on July 15, 2021.
The lawsuit alleges that Oatly and the other defendants made materially false and / or misleading information to investors during the class action period. Specifically, the lawsuit alleged that Oatly: (a) inflated its gross margins, revenue and financial metrics too much; (b) has overestimated the proprietary nature of its formulas and manufacturing process; (c) exaggerated its success in China; and (d) as a result of the foregoing, Oatly’s statements about its business, dealings and prospects during the class action period were misleading.
If you have purchased or otherwise acquired Oatly ADSs, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, via email at research @ kmllp. com or by completing this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York based law firm focused on securities, antitrust, whistleblower and consumer disputes. The company’s efforts on behalf of shareholders in securities disputes have resulted in total recoveries of billions of dollars. For more information about the company, please visit the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.