HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Oatly Group (OTLY) Investors to Contact Firm's Attorneys Now, Firm Continuing Investigation into Possible Securities Law Violations
San Francisco, California--(Newsfile Corp. - July 20, 2021) - Hagens Berman urges Oatly Group AB (NASDAQ: OTLY) investors with significant losses to submit your losses now. The firm is investigating potential securities law violations related to accounting questions raised by analyst Spruce Point Capital Management.
Oatly Group AB (OTLY) Investigation:
The investigation is focused on Oatly's past and present accounting practices.
More specifically, on July 14, 2021 analyst Spruce Point Capital Management published a scathing report accusing the company of a variety of potential accounting improprieties and misrepresenting its sustainability practices.
Among other things, Spruce Point highlights "signs of revenue overstatement," claims revenue overstatement is verified by a key Oatly U.S manager, and points to a divergence between accounts receivable growth and sales growth that the analyst says 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.
In response, the price of Oatly American Depositary Shares sharply fell during intraday trading on July 14, 2021.
"We're focused on investors' losses and whether Oatly and senior management may have cooked the company's books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Oatly and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Oatly should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email OTLY@hbsslaw.com.
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