Symbotic Inc. Investors with losses are urged to contact the BFA law by February 3 about ongoing measures in the making investranim.com
New York, New York – (NewsFile Corp. – January 26, 2025) – A leading securities law firm Bleichmar Fonti & Auld LLP Announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: NASDAQ 🙂 and some of the company’s senior executives for potential violations of federal securities laws.
If you have invested in Symbotic, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-indestigirations/Symbotic-inc.
Investors have until February 3, 2025, to request that a court be appointed to handle the case. The complaint asserts claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Symbot Securities. The case is pending in the US District Court for the District of Massachusetts and has been described Decker v. Symbotic Inc., et al.No. 24-CV-12976.
What is a symbolic class Action (WA 🙂 lawsuit about?
Symbotic Inc. develops and manages 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.
Contrary to these representations, on November 27, 2024, Symbotic announced a delay in filing its Form 10-K for fiscal year 2024 due to identified revenue recognition errors and announced material weaknesses in its internal control over financial reporting. Symbotic disclosed that it discovered issues related to reworked costs and unrealized costs, which impacted revenue recognition in multiple quarters of its 2024 fiscal year. The company estimated a decline of $30 million to $40 million in revenue, gross profit and adjusted EBITDA for its fiscal year 2024 and lowered its revenue outlook for the first quarter of fiscal 2025 to $480 million to $500 million, from $495 million to $515 million. , and adjusted EBITDA of $12-16 million, from $27-31 million.
This news caused the company’s stock price to drop over 35% during trading on November 27, 2024.
Click here if you have suffered losses: https://www.bfalaw.com/cases-indestigirations/Symbotic-inc.
What can you do?
If you have invested in Symbotic, you may have legal options and are encouraged to transfer your information to the company.
All representation is on a per case fee basis, at no cost to you. Shareholders are not responsible for court costs or litigation costs. The Company will seek court approval for all potential fees and costs.
Submit your information by visiting:
https://www.bfalaw.com/cases-indestigirations/Symbotic-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. Named Top 5 Plaintiff Lawyers 2023 by ISS SCAS, its attorneys named Titans of Plaintiff Bar by Law360 and Superlawyers by Thompson Reuters. Among its recent notable successes, BFA has more than $900 million from Tesla (Nasdaq :), Inc., board of directors, 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-indestigirations/Symbotic-inc
Advertising of lawyers. Past results do not guarantee future results.
To view the original version of this press release, please visit https://www.newsfilecorp.com/release/238329
