NEW YORK, July 26, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Oatly Group AB (NASDAQ: OTLY) (“Oatly” or the “Company”) and certain of its officers and directors, alleging violations of §§10(b) and 20(a) of the Securities Exchange Act (15 U.S.C. §78j(b) and §78t(a)) and Rule 10b-5 promulgated thereunder (17 C.F.R. §240.10b-5). If you purchased Oatly American Depository Shares (“ADSs”) stock between May 20, 2021 and July 15, 2021, inclusive (the “Class Period”), and have suffered a loss, realized or unrealized, you are encouraged to contact Jonathan Zimmerman for additional information at (888) 398-9312 or jzimmerman@scott-scott.com. The action was filed in the Southern District of New York under Dkt. No. 1:21-cv-06360.
Oatly is the world’s original and largest oatmilk company. It is organized under the laws of Sweden and held its U.S. Initial Public Offering in May 2021.
The action alleges that Oatly and the other defendants made materially false and/or misleading statement to investors during the Class Period. Specifically, the action alleged that Oatly: (a) overinflated its gross margins, revenue, and capital expenditure financial metrics; (b) overstated 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 operations, business, and prospects were misleading during the Class Period.
On July 14, 2021, before the market opened, short seller Spruce Point issued a Report entitled, “Sour on an Oat-lier Investment.” The 124-page Report alleged a wide array of misconduct and misstatements by Oatly, including that it wrongfully overstated its revenue, gross margin, accounting, and capital expenditure metrics; the proprietary nature of its production process and formula; and its growth story in China, among other things. A number of news outlets reported on the Spruce Point Report over the following days.
On this news, the price of Oatly ADSs fell 7.8% over two days, from a close price of $21.13 on July 13, 2021, to a close price of $19.48 on July 15, 2021, on unusually high trading volume.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is September 24, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Oatly ADSs between May 20, 2021 and July 15, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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CONTACT:
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169
(888) 398-9312
jzimmerman@scott-scott.com