New York, New York–(Newsfile Corp. – December 21, 2024) – A Leading Securities Law Firm Blishmar Fonte & Old LLP Announces filing of lawsuit against Symbotic Inc. (NASDAQ: NASDAQ:) and certain of the company's senior executives for potential violations of the federal securities laws.
If you have invested in Symbotic, we encourage you to obtain additional information by visiting the website https://www.bfalaw.com/cases-investigations/symbotic-inc.
Investors have until February 3, 2025 to ask the court to appoint them 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 token securities. The case is pending in the U.S. District Court for the District of Massachusetts and is pending Decker v. Symbotech, Inc., et al.No. 24-C-12976.
What is a token class? an act (Wha:) Lawsuit about?
Symbotic Inc. Develops and operates robotics systems to automate and improve warehouse and supply chain operations for major retailers and distributors. During the relevant period, the Company confirmed that its financial statements were accurate and that its internal controls over financial reporting were effective.
In contrast to these representations, on November 27, 2024, Symbotic announced a delay in filing its Form 10-K for fiscal year 2024 due to identified errors in revenue recognition and disclosed material weaknesses in its internal controls over financial reporting. Symbotic disclosed that it discovered issues with early recognition of expenses and non-billable cost overruns, which impacted the system's revenue recognition in several quarters of its fiscal 2024. The company estimated a $30 million to $40 million decrease in system revenue, gross profit, and EBIT and adjusted EBITDA for 2024. Its fiscal year 2024 and lowered its revenue expectations for the first quarter of the fiscal year. 2025 to $480-500 million, from $495-515 million, and adjusted EBITDA of $12-16 million, from $27-31 million.
This news caused the company's share price to decline by more than 35% during trading on November 27, 2024.
Click here if you suffer losses: https://www.bfalaw.com/cases-investigations/symbotic-inc.
What can you do?
If you invest in Symbotic, you may have legal options and we advise you to provide your information to the company.
All representation is done on a contingency fee basis, and there is no cost to you. Shareholders bear no responsibility for any court costs or litigation expenses. The Company will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/symbotic-inc
Why Blichmar Fonti & Old Co., Ltd.?
Bleichmar Fonti & Auld LLP is a leading international law firm that represents plaintiffs in securities class actions and shareholder lawsuits. It is ranked a Top 5 Law Firm for Plaintiffs by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA has recovered over $900 million in value from Tesla's (NASDAQ:) board (pending court approval), as well as $420 million from Teva Pharmaceuticals (NYSE:) Ind. . Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/symbotic-inc
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