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Investors with losses are encouraged to contact the firm before September 24, 2021; click here to submit trade information
LOS ANGELES, July 30, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Oatly Group AB (NASDAQ: OTLY) investors that acquired shares between between May 20, 2021 and July 15, 2021. Investors have until September 24, 2021 to seek an active role in this litigation.
Spruce Point Capital Management ("Spruce Point") published a report on July 14, 2021, accusing Oatly of various potential accounting improprieties and misrepresenting its sustainability practices. The Spruce Point report highlights "signs of revenue overstatement," asserts that a key Oatly U.S manager had verified such revenue overstatement, and points to an alleged divergence between accounts receivable growth and sales growth that suggests "a pull forward of revenue recognition," among other things. In order to investigate such matters, Spruce Point called for Oatly's board of directors to hire an independent forensic accountant.
On July 16, 2021, Oatly’s stock price fell $1.85 per share, or 8.76%, on this news, over the following three trading sessions to close at $19.28 per share.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 24, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar