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  "docSlug": "4ee8cca82f1a",
  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-07-14 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide uses red-boxed highlights to draw attention to specific incriminating text in the email and the overall thesis.",
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      "kind": "callout",
      "text": "Warning: From testing results of wastewater generated from Oatly's main U.S. production facility in NJ in 2019, there were indications of very high concentrations of TSS (Total Suspended Solids), COD (Chemical Oxygen Demand) and CBOD (Carbonaceous Biochemical Oxygen Demand). Oatly must adhere to state regulations with its wastewater, as high TSS/COD/CBOD levels can cause harm to wildlife and human health.(1) As of 2021, we believe Oatly still hasn't fully rectified the problem, and is in the process of having to build a wastewater treatment facility.",
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      "kind": "callout",
      "text": "Evidence suggests that Oatly significantly misrepresented its water flow and dangerous by-products to the city.",
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      "text": "Email correspondence from Sal Gioia to Ted Danforth regarding wastewater results.",
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      "kind": "source-note",
      "text": "Source: Freedom of Information Act Request: Millville, NJ. Note: Red underline is Spruce Point emphasis. 1) \"10 Tips to Lower Your BOD/TSS\", HOH Water Technology",
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      "text": "Wastewater Testing Results table showing dates, sample numbers, and pollutant levels (TDS, TSS, pH, NH3-N, P(T), BOD, BOD Soluble, COD).",
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      "kind": "title",
      "text": "Reality: Evidence of Poor Capex Planning And Ongoing Issues With Wastewater Treatment",
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      "evidence": "Introduction of key concerns with Oatly's financial reporting and sustainability claims.",
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