NEW ORLEANS, Dec. 18, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 3, 2025 to file lead plaintiff applications in a securities class action lawsuit against Symbotic Inc. (the “Company”) (NasdaqGM: SYM), if they purchased the Company’s securities between February 8, 2024 and November 26, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Massachusetts.
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Symbotic investors should visit us at https://claimsfiler.com/cases/nasdaq-sym-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Symbotic and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 27, 2024, pre-market, the Company disclosed that it would restate its fiscal year 2024 financial results as it had “identified errors in its revenue recognition related to cost overruns on certain deployments that will 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, the price of Symbotic’s shares fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
The case is Decker v. Symbotic Inc., et al., No. 24-cv-12976.
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