SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers of Oatly Group AB (NASDAQ: OTLY) American Depository Shares (“ADSs”) between May 20, 2021 and July 15, 2021, inclusive (“Class Period”) have until September 24, 2021 to seek appointment as lead plaintiff in the Oatly class action lawsuit. The Oatly class action lawsuit charges Oatly and certain of its top executives and directors with violations of the Securities Exchange Act of 1934. The Oatly class action lawsuit (Jochims v. Oatly Group AB, No. 21-cv-06360) was commenced on July 26, 2021 in the Southern District of New York and is assigned to Judge Alvin K. Hellerstein.
If you wish to serve as lead plaintiff of the Oatly class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Oatly class action lawsuit must be filed with the court no later than September 24, 2021.
CASE ALLEGATIONS: The Oatly class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Oatly overinflated its gross margins, revenue, capital expenditure, and market share financial metrics; (ii) Oatly overstated its sustainability practices and impact; (iii) Oatly exaggerated its growth in China; and (iv) as a result, Oatly’s statements about its operations, business, and prospects were misleading during the Class Period.
On July 14, 2021, short seller Spruce Point Capital Management issued a report entitled, “Sour on an Oat-lier Investment.” According to the Oatly class action lawsuit, Spruce Point brought to light a number of improprieties at Oatly, including improper accounting practices and greenwashing (making Oatly’s product appear more sustainable than it actually is), among other issues. Over the next days, a number of media outlets reported on the Spruce Point report and its allegations about Oatly. On this news, the price of Oatly ADSs fell nearly 9% over two trading days, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Oatly ADSs during the Class Period to seek appointment as lead plaintiff in the Oatly class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Oatly class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Oatly class action lawsuit. An investor’s ability to share in any potential future recovery of the Oatly class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit https://www.rgrdlaw.com/firm.html for more information.
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