On July 14, 2021, Spruce Point Capital Management, LLC issued a report expressing its views that shares of Oatly Group AB face up to 30% to 70% intermediate-term downside risk, or $6.40 - $14.90 per share, and longer-term insolvency risk. Spruce Point also expressed its concerns regarding the accuracy of the Company’s financial statements and capital expansion decisions. Spruce Point expresses concerns that following core market share loss in Sweden, in the Company’s quest for rapid international business growth and its race to IPO, the Company attempted to obscure the impact of transportation costs in its financial statements and disregarded prior commitments to sound ESG practices. Spruce Point stated that despite the Company’s claims of radical transparency, finds the Company’s CFO and key board members failed to disclose the full extent of past associations with corporate accounting scandals and business failures in the food industry in their biographies.