NEW YORK, July 28, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Oatly Group AB ("Oatly" or the "Company") (NASDAQ: OTLY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Oatly and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 14, 2021, Spruce Point Capital Management ("Spruce Point") published a report accusing the Company of a variety of potential accounting improprieties and misrepresenting its sustainability practices. Among other things, 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." Spruce Point called for Oatly's board of directors to hire an independent forensic accountant to investigate such matters.
On this news, Oatly's stock price fell $1.85 per share, or 8.76%, over the following three trading sessions to close at $19.28 per share on July 16, 2021.
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
SOURCE Pomerantz LLP