Faruqi & Faruqi LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding a nominal $100,000 to contact him directly to discuss their options.
If you suffer losses exceeding $100,000 symbolic Between February 8, 2024 and November 26, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 25, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc (NASDAQ:). (“Symbotic” or the “Company”) (NASDAQ: SYM) and reminds investors of February 3, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Symbotic improperly accelerated revenue recognition in its financial statements; for the year 2024; and (2) as a result, Defendants' statements about Symbotic's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims, investors suffered damages.
On November 27, 2024, before market hours, Symbotic filed a Current Report on Form 8-K with the Securities and Exchange Commission in which it announced that it would restate its financial results for fiscal 2024. The report stated that Symbotic “identified errors in its revenue recognition related to cost overruns in Certain deployments that would not be billable, which additionally 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's stock price fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Symbotic's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
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