The following statement is being issued by Scott + Scott
Attorneys at Law LLP and Robbins Geller Rudman & Dowd LLP
regarding the Oatly Securities Litigation:
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
In re OATLY GROUP AB SECURITIES
LITIGATION
Consolidated Civil Action No.
1:21-cv-06360-AKH
SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK
BRUCE HIPPLE, Individually and on Behalf of All Others Similarly
Situated,
Index No. 151432/2022
Plaintiff,
CLASS
ACTION
vs.
Justice Andrew Borrok
OATLY GROUP AB, et al.,
Defendants.
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS
ACTION SETTLEMENT
TO: (1) ALL PERSONS WHO PURCHASED OR ACQUIRED OATLY GROUP AB
(“OATLY” OR “COMPANY”) AMERICAN DEPOSITARY SHARES (“ADS”) BETWEEN
MAY 20, 2021 AND NOVEMBER 15, 2021 INCLUSIVE (THE “CLASS PERIOD”),
OR OTHERWISE PURSUANT TO THE OFFERING DOCUMENTS FOR OATLY’S MAY 20,
2021 INITIAL PUBLIC OFFERING (“IPO”), AND WERE DAMAGED THEREBY, AND
(2) ALL PERSONS WHO PURCHASED OR ACQUIRED CALL OPTIONS OR SOLD PUT
OPTIONS ON OATLY ADS DURING THE CLASS PERIOD, OR OTHERWISE PURSUANT
TO OATLY’S OFFERING DOCUMENTS, AND WERE DAMAGED THEREBY.
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER
SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS
ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on July 17,
2024, at 2:30 p.m., before the Honorable Alvin K. Hellerstein, U.S.
District Court, Southern District of New York, Daniel Patrick
Moynihan United States Courthouse, 500 Pearl St., New York, NY
10007, to determine whether: (1) the proposed settlement (the
“Settlement”) of the above-captioned action (the “Action”) as well
as the action pending in the Supreme Court of the State of New
York, County of New York, styled as Hipple v. Oatly Group AB, et
al., Index No. 151432/2022 (Sup. Ct. N.Y.) (“State Action”) as set
forth in the Stipulation of Settlement (“Stipulation”)1 for
$9,250,000 in cash should be approved by the Court as fair,
reasonable, and adequate; (2) the Judgment as provided under the
Stipulation should be entered; (3) to award Plaintiffs’ Counsel
attorneys’ fees and expenses out of the Settlement Fund (as defined
in the Notice of Pendency and Proposed Settlement of Class Actions
(“Notice”), which is discussed below), and, if so, in what amount;
(4) to award Plaintiffs for representing the Settlement Class out
of the Settlement Fund and, if so, in what amount; and (5) the Plan
of Allocation should be approved by the Court as fair, reasonable,
and adequate.
This Action and the State Action are securities class actions
brought on behalf of those persons who purchased or acquired Oatly
ADS or call options on Oatly ADS or sold put options on Oatly ADS
during the Class Period or otherwise pursuant to the Offering
Documents for Oatly’s IPO, against Oatly and others (collectively,
“Defendants”) for allegedly misstating and omitting material facts
from the Offering Documents filed with the U.S. Securities and
Exchange Commission in connection with the IPO. Plaintiffs allege
that these purportedly false and misleading statements inflated the
price of the Company’s ADS, resulting in damage to Settlement Class
Members when the truth was revealed. Defendants expressly deny all
of Plaintiffs’ allegations.
IF YOU PURCHASED OR ACQUIRED OATLY ADS OR CALL OPTIONS ON OATLY
ADS OR SOLD PUT OPTIONS ON OATLY ADS BETWEEN MAY 20, 2021 THROUGH
AND INCLUDING NOVEMBER 15, 2021, OR OTHERWISE PURSUANT TO THE
OFFERING DOCUMENTS, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT
OF THIS ACTION AND THE STATE COURT ACTION.
To share in the distribution of the Settlement Fund, you must
establish your rights by submitting a Proof of Claim and Release
form (“Proof of Claim”) by mail (postmarked no later than July
25, 2024) or electronically (no later than July 25,
2024). Your failure to submit your Proof of Claim by July 25,
2024, will subject your claim to rejection and preclude your
receiving any of the recovery in connection with the Settlement of
this Action and the State Action. If you are a member of the
Settlement Class and do not request exclusion therefrom as
instructed, you will be bound by the Settlement and any judgment
and release entered in the Action and the State Court Action,
including, but not limited to, the Judgment, whether or not you
submit a Proof of Claim.
If you have not received a copy of the Notice, which more
completely describes the Settlement and your rights thereunder
(including your right to object to the Settlement), and a Proof of
Claim, you may obtain these documents, as well as a copy of the
Stipulation (which, among other things, contains definitions for
the defined terms used in this Summary Notice) and other settlement
documents, online at www.OatlySecuritiesSettlement.com, or by
writing to:
Oatly Securities Litigation Claims
Administrator c/o Gilardi & Co. LLC P.O. Box 301170 Los
Angeles, CA 90030-1170
Inquiries should NOT be directed to Defendants, the Court, or
the Clerk of the Court. Inquiries, other than requests for the
Notice or for a Proof of Claim, may be made to:
Plaintiffs’ Counsel:
William C. Fredericks
SCOTT + SCOTT ATTORNEYS AT LAW
LLP
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Telephone: (212) 223-6444
Michael G. Capeci
ROBBINS GELLER RUDMAN & DOWD
LLP
58 South Service Road, Suite
200
Melville, NY 11747
Telephone: (631) 367-7100
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST
SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY
JUNE 17, 2024, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED
EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT
EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO
OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY
PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES,
AND/OR THE AWARD TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT
CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO
PLAINTIFFS’ COUNSEL AND DEFENDANTS’ COUNSEL BY JUNE 16,
2024, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: March 28, 2024
BY ORDER OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
______________________ 1 The Stipulation can be viewed and/or
obtained at www.OatlySecuritiesSettlement.com. All capitalized
terms used herein and not otherwise defined shall have the same
meaning as ascribed to them in the Stipulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240426660596/en/
Robbins Geller Rudman & Dowd LLP Shareholder Relations
Department Greg Wood (619) 231-1058