Scott + Scott Attorneys at Law LLP and Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Oatly Securities Litigation

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

SUPREME COURT OF THE STATE OF NEW YORK

COUNTY OF NEW YORK

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:

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.

______________________

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.

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