Symbotic Shareholder Alert: Legal Action for Investors with Losses over $100,000

Investor Alert from Kahn Swick & Foti, LLC

Kahn Swick & Foti, LLC (KSF) has issued an important reminder for investors regarding a class action lawsuit against Symbotic Inc. (Ticker: SYM). The firm, headed by former Louisiana Attorney General Charles C. Foti, Jr., is alerting investors who have incurred losses exceeding $100,000 during the designated class period of February 8, 2024, to November 26, 2024, that they have until February 3, 2025, to file their applications to serve as lead plaintiffs in this lawsuit.

This case is currently being argued in the United States District Court for the District of Massachusetts. KSF encourages those who purchased securities of Symbotic within that time frame to explore their legal options. If you wish to discuss your rights or learn about how this lawsuit might impact your recovery, KSF offers free consultations. Investors can reach out to KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email at email protected]. Additionally, more details can be found on their website: [KSF Counsel.

Context of the Lawsuit

The lawsuit centers around allegations that Symbotic and its executives failed to disclose critical information pertaining to financial results, thereby violating federal securities laws. On November 27, 2024, Symbotic released a statement announcing it would need to restate its fiscal year 2024 financial results due to identified errors in revenue recognition. This situation arose from cost overruns related to specific deployments that were deemed unbillable, impacting various financial metrics including system revenue, and gross margin for the latter quarters of fiscal year 2024.

The market reaction was swift and severe, witnessing a staggering 36% drop in Symbotic’s stock value, which plummeted by $13.41 a share, closing at $24 per share that day. This surprising decline raised significant concerns among investors and prompted the legal action.

Moving Forward

The case is officially titled Decker v. Symbotic Inc., et al., No. 24-cv-12976. As the situation evolves, KSF remains committed to supporting investors seeking to reclaim their losses due to alleged corporate malfeasance. Founded on principles of protecting investor rights, KSF operates multiple offices across states including New York, Delaware, and California, ensuring support for their clients regardless of geographical location.

For investors in this situation, it is paramount to act promptly. The filing deadline is fast approaching, and engaging with an experienced legal advocate can significantly affect their chances of recovery. KSF’s reputation as a premier boutique securities litigation law firm is built on their track record of assisting clients from various backgrounds, ensuring that investor interests are well represented.

Ultimately, KSF’s mission is to ensure fair treatment for all investors affected by the alleged illegal activities of publicly traded companies like Symbotic. As the deadline draws closer, affected investors are urged to reach out and explore their options to seek justice.