SHAREHOLDER ALERT: Law firm Pomerantz reminds shareholders who have suffered losses on their investment in Oatly Group AB of the class action and the upcoming deadline – OTLY
NEW YORK, August 21, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Oatly Group AB (âOatlyâ or the âCompanyâ) (NASDAQ: OTLY) and certain of its officers. The class action lawsuit, filed in the United States District Court for the Southern District of New York, and registered as 21-cv-06485, is in the name of all purchasers of US Depository Shares (“ADS”) d ‘Oatly between May 20, 2021 and July 15, 2021 (the âClass Periodâ), against Oatly and certain of its officers and / or directors, for violations of the US Securities Exchange Act of 1934 (â1934 Actâ or âExchange Actâ) and the Securities and Exchange Commission (âSECâ) Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased or otherwise acquired securities of Oatly during the Class Period, you have until September 24, 2021 to request the court to appoint you as the primary claimant for the Class Action. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Oatly describes itself as the world’s first and largest oat milk company. It is organized according to the laws of Sweden.
The complaint alleges that, throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. Specifically, the Defendants have misrepresented the following: Oatly (a) overinflated its gross margins, revenues, capital expenditures and financial market share measures; (b) overestimated its sustainability practices and impact; (c) exaggerated its growth in China; and (d) as a result of the foregoing, Oatly’s representations regarding its operations, business and prospects were misleading during the Class Period.
Oatly held its initial public offering (âIPOâ) 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. Each ADS represents one common share of Oatly. The IPO raised $ 1.4 billion for the company.
Two months later, on July 14, 2021, before the market opened, short seller Spruce Point Capital Management (“Spruce Point”) released a report titled “Sour on an Oat-lier Investment” (the “Spruce Point Report âor theâ Report â). The report highlighted a number of irregularities at Oatly, including inappropriate accounting practices and greenwashing (making the company’s product appear more sustainable than it actually is), among other issues.
Over the next few days, a number of media reported on Spruce Point’s report and its allegations about Oatly.
As this news hit the market, the price of Oatly ADS fell 7.8% over two trading days, from its closing price of $ 21.13 on July 13, 2021 to a closing price of 19. $ 48 on July 14, 2021, on unusually high trading volume. .
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980