LOS ANGELES, July 22, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Oatly Group AB ("Oatly" or the "Company") (NASDAQ: OTLY) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Spruce Point Capital Management ("Spruce Point") published a report on July 14, 2021, accusing Oatly of various potential accounting improprieties and misrepresenting its sustainability practices. 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," among other things. In order to investigate such matters, Spruce Point called for Oatly's board of directors to hire an independent forensic accountant.
On July 16, 2021, Oatly's stock price fell $1.85 per share, or 8.76%, on this news, over the following three trading sessions to close at $19.28 per share.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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