Philadelphia, Pennsylvania–(Newsfile Corp. – January 6, 2025) – Berger Montague PC advises investors that a securities class action lawsuit has been filed against Symbotic, Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) on behalf of purchasers of Symbotic securities From February 8, 2024 to November 26, 2024, inclusive (“Term Period”).
Investor Deadline: Investors who purchased or otherwise acquired SYMBOTIC securities during the Class Period may, no later than February 3, 2025seeks to be appointed as lead plaintiff representative for the class. For additional information or to learn how to participate in this lawsuit, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at famner@bm.netor Click here.
Headquartered in Wilmington, Massachusetts, Symbotic is an automation technology company that produces robotics and product movement 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 revealed that it had “identified revenue recognition errors related to cost overruns on certain deployments that would not be billable.” This failure in internal controls over financial reporting, according to the company, impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third and fourth quarters of fiscal year 2024.”
On this news, Symbotic shares fell $13.41 per share, or 35%, to close at $24.00 on November 27, 2024.
Learn more about the lawsuit
A lead plaintiff is a representative party acting on behalf of all class members in directing the lawsuit. The lead plaintiff is usually the investor or a small group of investors who have the largest financial interest and who are also considered appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead attorneys or the class. However, your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff. Communication with any attorney is not necessary to participate or participate in any recovery achieved in this case. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a leader in securities class action lawsuits since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five years. contracts and serves as lead attorney in courts throughout the United States.
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