Philadelphia, Pennsylvania--(Newsfile Corp. - September 17, 2021) - Berger Montague is investigating securities fraud claims against Oatly Group AB ("Oatly" or the "Company"). The Firm is investigating these claims on behalf of investors who purchased Oatly securities, including American Depositary Receipts (ADS) (NASDAQ: OTLY) between May 20, 2021 and July 15, 2021 (the "Class Period").
If you purchased Oatly securities during the Class Period and would like to learn more about Berger Montague's investigation, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080.
Oatly is a Swedish producer of oatmilk. The Company 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.
According to recently filed lawsuits, throughout the Class Period, the Company: (a) overinflated its gross margins, revenue, capital expenditure, and market share financial metrics; (b) overstated its sustainability practices and impact; (c) and exaggerated its growth in China.
Two months after Oatly's IPO, on July 14, 2021, short seller Spruce Point Capital Management issued a report that brought to light a number of improprieties at Oatly, including improper accounting practices and greenwashing (ie. making the Company's product appear more sustainable than it actually is). 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.
Whistleblowers: Anyone with non-public information regarding Oatly is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Managing Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96867
