NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Oatly Group AB (“Oatly” or the “Company”) (NASDAQ: OTLY) American Depository Shares (“ADSs”) during the period between May 20, 2021 and July 15, 2021 (the “Class Period”). Investors have until September 24, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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.
On July 14, 2021, short seller Spruce Point Capital Management 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 declined by $0.59 per ADS, or approximately 2.8%, from $21.13 per ADS to close at $20.54 per ADS on July 14, 2021.
The lawsuit 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.
If you 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, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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