New York, New York–(Newsfile Corp. – December 21, 2024) – A leading law firm Bleichmar Font & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: NASDAQ: ) and certain senior executives of the Company for potential violations of federal securities laws.
If you have invested in Symbotic, you are encouraged to find out more by visiting https://www.bfalaw.com/cases-investigations/symbiotic-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 US District Court for the District of Massachusetts and has captions Decker v. Symbotic Inc., et al.No. 24-cv-12976.
What is a Style Class Action (WA:) Debt About?
Symbotic Inc. develops and implements robotic systems to automate and optimize warehouse and supply operations for large retailers and distributors. At the relevant time, the company has demonstrated that its financial statements are accurate and that its internal control over financial reporting is effective.
Contrary to this representation, on November 27, 2024, Symbotic announced a delay in filing a Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and disclosure of material weaknesses in its internal control over financial reporting. Symbotic indicated that it has discovered issues related to early cost recognition and overruns of unreimbursed costs, affecting the system's revenue recognition in several quarters of the 2024 fiscal year. The company estimated a $30-$40 million reduction in operating income, gross profit, and adjusted EBITDA for its fiscal year 2024 and lowered its revenue outlook for the first quarter of fiscal 2025 to $480-$500 million, from at $495-$515 million, and adjusted EBITDA of $12-16 million, from $27-$ 31 million.
The news caused the company's stock price to drop more than 35% during trading on November 27, 2024.
Click here for a breakdown: https://www.bfalaw.com/cases-investigations/symbiotic-inc.
What can you do?
If you have invested in Symbotic you have legal options and are encouraged to submit your information to the firm.
All representations are subject to a contingency fee, at no cost to you. Shareholders are not responsible for any court costs or litigation costs. The firm will seek court approval for any fees and costs incurred.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/symbiotic-inc
Why Bleichmar Font and 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 plaintiffs law firms by ISS SCAS in 2023 and its attorneys were named Titans of the Plaintiffs Bar by Law360 and Top Attorneys by Thompson Reuters. Among its most recent notable achievements, BFA returned more than $900 million in value to Tesla (NASDAQ: ), Inc.'s Board of Directors. (pending court approval), and $420 million in Teva Pharmaceutical (NYSE: ) Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/symbiotic-inc
Marketing lawyer. Past results do not guarantee future results.
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