Philadelphia, Pennsylvania– (Newsfile Corp. – January 6, 2025) – Berger Montague PC advises investors that a securities class action lawsuit has been filed against Symbotic, Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) on behalf of Symbotic's securities customers February 8, 2024 through November 26, 2024, inclusive (“Class Period”).
Investor Deadline: Investors who purchased or acquired SYMBOTIC securities during the Class may, no later than FEBRUARY 3, 2025seek appointment as lead representative for the class plaintiff. For additional information or to learn how to participate in this case, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.netor CLICK HERE.
Headquartered in Wilmington, Mass., Symbotic is an automation technology company that develops robotics and manufacturing technology.
According to the lawsuit, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that Symbotic improperly accelerated the recognition of revenue in its 2024 financial statements and thus its internal control over financial reporting was inadequate.
Investors learned the truth on November 27, 2024, when Symbotic announced that it “identified errors in its revenue recognition related to cost overruns on certain programs that will not be paid.” This internal control over financial reporting failure, according to the Company, impacted operating income, income (loss) before income taxes, net income (loss), and gross margin recognized for the second, third, and fourth quarters of fiscal year 2024. .”
On this news, Symbotic shares fell $13.41 per share, or 35%, to close at $24.00 on November 27, 2024.
Read more about the Court
The lead plaintiff is the representative party acting on behalf of all class members in the management of the lawsuit. The lead plaintiff is usually an investor or a small group of investors who have a substantial financial interest and who are sufficient and similar to the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. Communicating with any advice does not require you to participate or share in any recovery achieved in this situation. Any in-demand class member may proceed with the Court acting as lead plaintiff through counsel of his or her own choosing, or may choose to remain inactive and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. decades and serves as lead counsel in courts throughout the United States.
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