Oatly Group AB
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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.