According to the Complaint, Oatly Group AB describes itself as the world’s original and largest oatmilk company. Oatly was founded in 1994, and its current holding company was incorporated in accordance with Swedish law on October 5, 2016, under the name Goldcup 13678 AB. On December 21, 2016, Oatly changed its name to Havre Global AB and on March 1, 2021, it changed its name to Oatly Group AB.

Oatly held its U.S. IPO on or around May 20, 2021, offering and selling 84,376,000 ADSs (including 19,688,000 from certain “selling shareholders”) at a price of $17 per share. Each ADS represents one Oatly ordinary share. The IPO raised $1.4 billion for the Company.

The Complaint alleges that Oatly and the other Defendants made materially false and/or misleading statement to investors during the Class Period. Specifically, the Complaint alleges that Oatly: (a) overinflated its gross margins, revenue, and capital expenditure financial metrics; (b) overstated the proprietary nature of its formulas and manufacturing process; (c) exaggerated its success in China; and (d) as a result of the foregoing, Oatly’s statements about its operations, business, and prospects were misleading during the Class Period.

Plaintiff filed an amended Complaint on December 1. On December 6, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-06360.

Lead Plaintiff filed a consolidated amended Complaint on March 4, 2022. On August 17, Lead Plaintiff filed a second consolidated Complaint. Defendants filed a Motion to Dismiss the second consolidated Complaint on October 3.

On June 1, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff filed a third consolidated Complaint on August 11.

On February 14, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on March 28.