Short seller Ben Axler said Thursday that Oatly’s stock is worth less than $10 a share after his firm released a report alleging the company engaged in shady accounting practices and misled investors about its sustainability claims.
The stock fell 3% in morning trading on Thursday, a day after Axler’s firm, Spruce Point Capital Management, released the report. Still, the shares are trading around $20, giving the company a market value of $11.9 billion.
“Oatly is one of those inflated bubble stocks,” Axler said Thursday on CNBC’s “Squawk Box.”
In late May, Oatly priced its U.S. initial public offering at $17 per share. Since making its public market debut, the stock has not fallen below its…