Investors of Symbotic Inc. are hereby notified. to address the BFA Act before the Feb. 3 deadline for class-action lawsuits Investing.com
New York, New York–(Newsfile Corp. – January 4, 2025) – A leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: NASDAQ: ) and certain senior executives of the company for possible violations of federal securities laws.
If you have invested in Symbotic, we encourage you to get more information by visiting https://www.bfalaw.com/cases-investigations/symbiotic-inc.
Investors have until February 3, 2025 to ask the court to appoint them to manage 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 subtitled Decker v. Symbotic Inc., et al.number 24-cv-12976.
What is a symbolic class Action (WA:) About the lawsuit?
Symbotic Inc. develops and manages robotic systems to automate and optimize warehouse and supply chain operations for large retailers and distributors. During the relevant period, the company maintained that its financial statements were accurate and that its internal controls over financial reporting were effective.
In contrast to these statements, on November 27, 2024, Symbotic announced the postponement of its 2024 fiscal year Form 10-K filing due to identified revenue recognition errors and announced material weaknesses in its internal controls over financial reporting. Symbotic disclosed that it discovered issues related to premature expense recognition and uncollectible expense overruns, which impacted system revenue recognition in multiple quarters of its fiscal year 2024. The company estimated a $30 million to $40 million decrease in system revenue, gross profit and adjusted EBITDA its fiscal 2024 and lowered its revenue outlook for the first quarter of fiscal 2025 to $480-500 million, with $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 if you have suffered losses: https://www.bfalaw.com/cases-investigations/symbiotic-inc.
What can you do?
If you have invested in Symbotic, you may have legal options and we encourage you to submit your information to the company.
All representation is on a contingency fee basis, at no cost to you. Shareholders are not responsible for any court costs or litigation expenses. The Company will seek court approval for all potential fees and costs.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/symbiotic-inc
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. ISS SCAS named it one of the Top 5 Law Firms for Plaintiffs in 2023, Thompson Reuters named its attorneys Titans of the Plaintiffs Bar, and Thompson Reuters SuperLawyers. Among its recent notable successes, BFA recovered more than $900 million in value from Tesla (NASDAQ: ), Inc. board of directors (pending court approval), as well as $420 million from Teva Pharmaceutical (NYSE: ) Ind. Ltd.
For more information about BFA and its attorneys, visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/symbiotic-inc
Advertising of lawyers. Past results do not guarantee future results.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/235861
