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  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Uses a Q&A format to highlight discrepancies between company statements and internal accounting practices.",
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      "text": "A former Oatly accounting professional reveals undisclosed accounting policy changes. In addition, by multiple accounts, Oatly's NJ facility was producing by April – May 2019, yet it did not formally recognize the capital expenditures until October 2019. By doing so, we believe Oatly has delayed recognition of depreciation costs and understated its financial losses to investors.",
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      "text": "A former Oatly accounting professional reveals undisclosed accounting policy changes. In addition, by multiple accounts, Oatly's NJ facility was producing by April – May 2019, yet it did not formally recognize the capital expenditures until October 2019.",
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      "kind": "quote",
      "text": "“Yes, it was changed because a new CFO came. He came with a lot of expertise. For all those years of Oatly, the finance and accounting function didn't grow with the Company and was behind. They needed to professionalize. He took over and made changes, probably restructured the finance and accounting department with more emphasis on costing. The prior CFO, Peter Bergh, became COO.” — Former Oatly Accounting Professional; “Fifteen months later, the dark days have brightened—for baristas, coffee lovers, and especially Oatly AB. In April, the Swedish company widely credited with creating the oat milk category opened a $15 million U.S. processing plant in Millville, N.J.—the first outside Europe.” — Bloomberg, July 31, 2019",
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      "text": "1) FoodNavigator reports the opening of the facility in May 2019. \"Wow, no cow, Innovation Foods to open $45m processing and packaging facility for Oatly in New Jersey in 2022\", March 26, 2021",
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      "text": "Q&A dialogue between Spruce Point and Former Oatly Accounting Professional regarding accounting policy changes and NJ plant capex timing.",
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      "text": "Critical Insights From A Former Oatly Employee",
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      "evidence": "Uses employee testimony to contradict company financial reporting timeline.",
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