NEW YORK, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: SYM) and certain of the Company’s senior executives for potential violations of the federal securities laws.
If you invested in Symbotic, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/symbotic-inc.
Investors have until February 3, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Symbotic securities. The case is pending in the U.S. District Court for the District of Massachusetts and is captioned Decker v. Symbotic Inc., et al., No. 24-cv-12976.
What is the Symbotic Class Action Lawsuit About?
Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors. During the relevant period, the company represented that its financial statements were accurate and that its internal controls over financial reporting were effective.
In contrast with these representations, on November 27, 2024, Symbotic announced a delay in filing its Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and announced material weaknesses in its internal controls over financial reporting. Symbotic revealed that it discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of its fiscal year 2024. The company estimated a $30–$40 million reduction in system revenue, gross profit, and adjusted EBITDA for its fiscal year 2024 and reduced its revenue outlook for the first quarter of fiscal 2025 to $480–$500 million, from $495–$515 million, and adjusted EBITDA of $12–16 million, from $27–$31 million.
This news caused the price of the company’s stock to decline over 35% during the course of trading on November 27, 2024.
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/symbotic-inc.
What Can You Do?
If you invested in Symbotic you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/symbotic-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/symbotic-inc
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