Berger Montague Notifies Symbotic (SYM) Investors of Investing.com Securities Fraud Lawsuit
Philadelphia, Pennsylvania–(Newsfile Corp. – December 30, 2024) – Berger Montague PC informs investors that against Symbotic, Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) filed a securities class action on behalf of purchasers of Symbotic securities between February 8, 2024 to November 26, 2024, including (“Teaching Period”).
Deadline for investors: Investors who purchased or acquired SYMBOTIC securities during the Class Period may, no later than FEBRUARY 3, 2025seeks to be appointed lead representative of the class plaintiffs. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.netor CLICK HERE.
Based in Wilmington, Massachusetts, Symbotic is an automation technology company that manufactures robotics and product motion technology.
According to the lawsuit, throughout the Class Period, the defendants made materially false and/or misleading statements and/or failed to disclose that Symbotic improperly accelerated revenue recognition in its 2024 financial statements and therefore its internal controls over financial reporting were inadequate.
Investors learned the truth on November 27, 2024, when Symbotic disclosed that it “identified revenue recognition errors related to cost overruns on certain deployments that will not be billable.” This failure of internal controls over financial reporting, according to the Company, affected the system’s revenue, income (loss) before income taxes, net income (loss) and gross margin recognized in the second, third and fourth quarters of fiscal year 2024.”
Following the news, Symbotic stock fell $13.41 per share, or 35%, to close at $24.00 on November 27, 2024.
Learn more about the lawsuit
The lead plaintiff is the representative party that acts on behalf of all class members in the conduct of the litigation. The lead plaintiff is usually an investor or a small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and those attorneys, if approved by the court, are lead or class counsel. However, deciding whether to be the lead plaintiff does not affect your ability to participate in the recovery. Communication with any attorney is not necessary to participate or participate in any recovery obtained in this case. Each putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing 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 actions since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and serves as general counsel in courts throughout the United States.
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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/235403
