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Oatly accused of overstating revenue and greenwashing by activist short Spruce Point

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In this photo illustration Oatly oat milk is shown on May 20, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Activist short seller Spruce Point Capital Management has accused Oatly of shady accounting practices and misleading consumers and investors about its sustainability practices.

The firm, which has taken a short position against the maker of oat milk, called for Oatly’s board to hire an independent forensic accountant to open an investigation into its claims.

The stock, which was down nearly 3% in premarket trading before the news, hit an all-time low of $19.84 per share on Wednesday. Shares rebounded slightly, falling just 2% in morning trading.

Oatly was founded in Sweden in…



Source cnbc.com

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