Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of American Depository Shares ("ADSs") of Oatly Group AB (NASDAQ: OTLY) between May 20, 2021 and July 15, 2021, for violations of the Securities Exchange Act of 1934. Oatly describes itself as the world's original and largest oatmilk company.
If you suffered a loss due to Oatly Group AB's misconduct, click here.
Oatly Group AB (OTLY) Made Misleading Statements in its Registration Statement in Connection with its Initial Public Offering
According to the complaint, Oatly held its initial public offering ("IPO") on May 20, 2021, raising $1.4 billion for the Company. The Registration Statement in support of the IPO overinflated its gross margins, revenue, capital expenditure, and market share financial metrics; overstated its sustainability practices and impact; and, exaggerated its growth in China. On July 14, 2021, before the markets opened, short seller Spruce Point Capital Management issued a 124-page report noting a number of improprieties at Oatly, including improper accounting practices and greenwashing, among other issues. Of particular note is that Oatly estimated 2018 U.S. revenue to be $12 million, while Nielsen and Umgas Magazine "reported that Oatly's net U.S. sales were just $6 million in 2018." Over the next two days, various media articles picked up and commented on the report. On this news, the price of Oatly ADSs fell 8.8% over two trading days, to close at $19.48 on July 14, 2021.
If you purchased shares of Oatly Group AB (OTLY) between May 20, 2021 and July 15, 2021, you have until September 24, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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