Oatly Group AB

  • Active

Investigation
07/26/2021

Initial Lawsuit
07/26/2021

Lawsuit Progression
12/06/2021

Investigation

  • Continous Holding
    May 20, 2021 to July 15, 2021
  • Proposed Claim
    Securities Violation

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.

Main Event

Short - 124 Pages - Attack

07/14/2021

Research Report (Short)

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.“

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$20.54 $21.13 $-0.59 -2.79%
See more on Factual Timeline

Initial Lawsuit

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.

  • Filing Date
    07/26/2021
  • Class Period
    05/20/2021 to 07/15/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Scott+Scott Attorneys at Law LLP
  • Case Title
    Jochims v. Oatly Group AB et al
  • Docket Number
    1:21-cv-06360
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

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.

Defendants

  • Company
    Oatly Group AB
  • Chief Executive Officer
    Toni Petersson
  • Chief Financial Officer
    Christian Hanke
  • Director
    Fredrik Berg
  • Director
    Ann Chung
  • Director
    Bernard Hours
  • Director
    Hannah Jones
  • Director
    Mattias Klintemar
  • Director
    Po Sing (Tomakin) Lai
  • Director
    Eric Melloul
  • Director
    Björn Öste
  • Director
    Yawn Wu
  • Director
    Tim Zhang

Lawsuit progression

  • Docket Number
    1:21-cv-06360
  • Court
    New York Southern District Court

Lead Counsel

12/06/2021

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Scott+Scott Attorneys at Law LLP
  • Lead Plaintiff
    Individual
  • Free File
    Order for lead

Amended Complaint

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.

  • Updated Class Period
    05/20/2021 to 11/15/2021
  • Free File
    Amended Complaint

    • Operative complaint

Motion to Dismiss

04/08/2022

A motion to dismiss was filed with the court.

[stockdio-historical-chart symbol=”OTLY” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

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