StockNews.AI
SYM
StockNews.AI
213 days

SYM INVESTOR NOTICE: Symbotic Inc. Investors with Substantial Losses Have Opportunity to Lead Securities Class Action Lawsuit

1. Symbotic faces a class action lawsuit for revenue recognition violations. 2. Plaintiffs allege false statements led to significant financial losses. 3. Symbotic's stock dropped nearly 36% after disclosing financial errors. 4. The lawsuit covers Symbotic securities purchased between early February and late November 2024. 5. Class period investors can seek appointment as lead plaintiff by February 3, 2025.

6m saved
Insight
Article

FAQ

Why Very Bearish?

The lawsuit and significant stock drop indicate serious financial mismanagement, reminiscent of past securities fraud cases.

How important is it?

The class action lawsuit directly implicates financial practices and can lead to major losses for investors.

Why Short Term?

Immediate investor reaction likely, but the impact may fade with resolution.

Related Companies

SYMNASDAQ
SAN DIEGO, Jan. 18, 2025 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Symbotic Inc. (NASDAQ: SYM) publicly traded securities between February 8, 2024 and November 26, 2024, both dates inclusive (the "Class Period"), have until Monday, February 3, 2025 to seek appointment as lead plaintiff of the Symbotic class action lawsuit. Captioned Decker v. Symbotic Inc., No. 24-cv-12976 (D. Mass.), the Symbotic class action lawsuit charges Symbotic as well as certain of Symbotic's top executives with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Symbotic class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-symbotic-class-action-lawsuit-sym.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. CASE ALLEGATIONS: Symbotic is an automation technology company that engages in developing technologies to improve operating efficiencies in modern warehouses. The Symbotic class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Symbotic had improperly accelerated its recognition of revenue. The Symbotic class action lawsuit further alleges that on November 27, 2024, Symbotic disclosed that it "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," "identified in its preliminary assessment of internal control over financial reporting for the fiscal year ended September 28, 2024 certain material weaknesses," and Symbotic's "previously issued financial statements for those periods, including the financial information included in [Symbotic]'s earnings press release for the fourth quarter and fiscal year 2024 and [Symbotic]'s supplemental presentation, should therefore no longer be relied upon." On this news, the price of Symbotic stock fell nearly 36%, according to the complaint. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Symbotic publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Symbotic class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Symbotic class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Symbotic class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Symbotic class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Past results do not guarantee future outcomes.Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLPJ.C. Sanchez, Jennifer N. Caringal655 W. Broadway, Suite 1900, San Diego, CA 92101800-449-4900[email protected] SOURCE Robbins Geller Rudman & Dowd LLP

Related News