
Kewaunee Scientific Corporation (KEQU)
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Investigation
07/26/2021
Initial Lawsuit
07/26/2021
Lawsuit Progression
12/06/2021
Did Oatly mislead shareholders in connection with its initial public offering (IPO)? Short seller report, gross margins, revenue, capital expenditure, market share financial metrics and sustainability practices and their impact were subsequently revealed, in contrast to IPO disclosures. The company stock price has greatly declined from the IPO share price of $17 per share.
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed by the holder of senior notes. We will update this post as it unfolds.
07/14/2021
Spruce Point Capital Management publishes a short thesis on Oatly alleging, among others, that it “attempted to obscure the impact of transportation costs in its financial statements and disregarded prior commitments to sound esg practices” and that it found evidence of “revenue, gross margin, net income and capex overstatements following former employee interviews expressing concerns regarding the accuracy of the financial statements and capital expansion decisions.”
Spruce point also added that “Exhaustive Research – Including FOIA Requests – Exposes Many Key Claimed “Proprietary” Aspects of Oatly’s Ingredient Mixtures, Production And Warehousing Processes, And Equipment Makes And Models
Despite Oatly’s Claims of Radical Transparency, Finds Oatly’s CFO And Key Board Members Failed To Disclose The Full Extent of Past Associations With Corporate Accounting Scandals And Business Failures In The Food Industry In Their Biographies.“
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$20.54 | $21.13 | $-0.59 | -2.79% |
A shareholder filed a securities class action lawsuit on behalf of all purchasers of American depositary shares (ADSs) of Oatly between May 20, 2021 and July 15, 2021.
According to the complaint, 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 allegedly failed to disclose to investors that:
(i) making false statements;
(ii) failing to disclose adverse facts known to them about Oatly. Defendants’ fraudulent scheme and course of business that operated as a fraud or deceit on purchasers of Oatly ADSs was a success, as it:
(i) deceived the investing public regarding Oatly’s prospects and business;
(ii) artificially inflated the prices of Oatly ADSs;
(iii) caused plaintiff and other members of the Class to purchase Oatly ADSs at inflated prices.
12/06/2021
The court issued an order appointing the lead plaintiff and lead counsel.
03/04/2022
This is a securities class action on behalf of a class consisting of all purchasers of American depositary shares (ADSs) of Oatly between May 20, 2021, and November 15, 2021, including all those who purchased such shares directly in the company’s May 20, 2021 initial public offering of ADSs (May 2021 IPO). Plaintiffs also bring claims on behalf of all those who bought or sold options on Oatly ADSs during the class period, seeking remedies under the Securities Act only.
Operative complaint
04/08/2022
A motion to dismiss was filed with the court.
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.