- Oops!Something went wrong.Please try again later.
NEW YORK, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Oatly Group AB (“Oatly” or the “Company”) (NASDAQ: OTLY) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-06485, is on behalf of all purchasers of American Depositary Shares (“ADSs”) of Oatly between May 20, 2021 and July 15, 2021 (the “Class Period”), against Oatly and certain of its officers and/or directors, for violations of the U.S. Securities Exchange Act of 1934 (“1934 Act” or “Exchange Act”) and Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased or otherwise acquired Oatly securities during the Class Period, you have until September 24, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Oatly describes itself as the world’s original and largest oatmilk company. It is organized under the laws of Sweden.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made material misrepresentations concerning the following: Oatly (a) overinflated its gross margins, revenue, capital expenditure, and market share financial metrics; (b) overstated its sustainability practices and impact; (c) exaggerated its growth 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.
Oatly held its initial public offering (“IPO”) in the United States on or around May 20, 2021, offering and selling 84,376,000 American Depositary Shares (including 19,688,000 from certain shareholders) at a price of $17 per share. Each ADS represents one Oatly ordinary share. The IPO raised $1.4 billion for the Company.
Two months later, on July 14, 2021, before the markets opened, short seller Spruce Point Capital Management (“Spruce Point”) issued a report entitled, “Sour on an Oat-lier Investment” (the “Spruce Point Report” or the “Report”). The Report brought to light a number of improprieties at Oatly, including improper accounting practices and greenwashing (making the Company’s product appear more sustainable than it actually is), among other issues.
Over the next days, a number of media outlets reported on the Spruce Point Report and its allegations about Oatly.
As this news hit the market, the price of Oatly ADSs fell 7.8% over two trading days, falling from its close price of $21.13 on July 13, 2021, to a close price of $19.48 on July 14, 2021, on unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980