#United States #Massachusetts #Wolf Haldenstein #Symbotic #Investor Alert

Investors Alert: Class Action Lawsuit Filed Against Symbotic Inc.

A significant development has occurred in the realm of securities law, as a class action lawsuit has recently been filed against Symbotic Inc. in the United States District Court for the District of Massachusetts. This action has been taken on behalf of investors who purchased shares of Symbotic Inc. (NASDAQ: SYM) between February 2, 2024, to November 26, 2024, during a designated class period. The lawsuit raises serious allegations linked to misstatements and inaccuracies concerning the company's financial reporting, which have had a detrimental impact on its stock price.

Wolf Haldenstein Adler Freeman & Herz LLP, the law firm spearheading this class action, is urging all investors who incurred losses to reach out as soon as possible. Those affected may contact the firm by telephone or via email to learn about their rights and options in becoming lead plaintiffs in this substantial case.

Background of the Case

On November 27, 2024, before the trading day commenced, Symbotic announced that it would not be able to submit its Annual Report on Form 10-K for its fiscal year ending September 28, 2024, to the U.S. Securities and Exchange Commission (SEC). This alarming announcement followed the discovery of significant errors in its revenue recognition that were related to non-billable cost overruns on certain deployments. Moreover, the errors led to an adjustment that would negatively affect system revenue recognized in the previous quarters throughout fiscal year 2024.

The company's disclosures indicated that the total implications of these errors would lead to a decrease of $30 to $40 million in critical financial metrics, such as system revenue, gross profit, income before taxes, and adjusted EBITDA for the fiscal year 2024. As a result, Symbotic was also compelled to downgrade its fiscal projections for 2025, foreseeing a 3% drop in revenue and an alarming 51.7% decrease in EBITDA.

Following the announcement, the repercussions were stark, as Symbotic's stock plummeted by $13.41 per share, marking a 35.8% decline from the previous closing price of $37.41 on November 26. This sudden fall highlights the volatile nature of the stock market and the severe impact that financial discrepancies can have on investor confidence and stock valuation.

Legal Representation for Investors

Those investors who believe they may have suffered losses due to the information misrepresentation by Symbotic are strongly encouraged to contact Wolf Haldenstein immediately. Investors have until February 3, 2025, to request that the Court designate them as lead plaintiffs in this case. This is a crucial step for those who wish to assert their rights and seek possible reparations for their losses.

Wolf Haldenstein has a noteworthy history of managing securities class actions and derivative litigation successfully an impressive track record recognized by courts across the United States. With offices in Chicago, New York, San Diego, and Nashville, the firm is well-positioned to represent affected investors and their interests.

Conclusion

Investors are reminded of the importance of diligence and the need to stay informed regarding the legal actions that may affect their financial interests. In light of recent events surrounding the class action lawsuit involving Symbotic Inc., affected investors should take immediate steps to understand their rights by contacting Wolf Haldenstein. Additional details and information on how to join the lawsuit can be found on their official website.

For those interested, contact Wolf Haldenstein at (800) 575-0735 or email at [email protected]. Do not miss your chance to protect your investments and be part of this crucial legal endeavor, as the implications of the outcomes could resonate significantly within the market.