Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Oatly Group AB (“Oatly” or the “Company”) (NASDAQ: OTLY) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Oatly securities between May 20, 2021 and July 15, 2021, both dates inclusive (the “Class Period”). Investors have until September 24, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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, 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.
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.
If you purchased or otherwise acquired Oatly shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727006188/en/
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
