On July 14, 2021, Spruce Point Capital Management (Spruce Point) published a report accusing Oatly of misrepresenting its sustainability practices and committing multiple potential accounting improprieties.
The report asserts that an Oatly U.S. manager verified signs of revenue overstatement, pointing to an alleged divergence between accounts receivable growth and sales growth. Spruce Point requested that Oatly’s board of directors hire an independent forensic accountant to clarify and explain the report’s findings.
On July 16, 2021, Oatly’s stock price fell 8.76% over the news, closing at $19.28 per share.
In the wake of the report, the Portnoy Law Firm initiated an investigation into possible securities fraud and is considering filing a class action on behalf of Oatly investors.
Sonn Law Group is investigating potential claims on behalf of individuals who invested in Oatly Group AB.
If you suffered losses investing in Oatly Group AB, please call us now at 866-827-3202 or complete our contact form.