Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who suffered losses greater than $100,000 in Symbotic to contact him directly to discuss their options
If you suffered losses greater than $100,000 in symbolic between February 8, 2024 and November 26, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly in 877-247-4292 either 212-983-9330 (extension 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 the Deadline of February 3, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the lawsuit alleges that the Company and its executives violated 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. from 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 hit 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 SEC in which it announced that it was restating its fiscal 2024 financial results. The report stated that Symbotic “identified errors in its recognition of revenue related to cost overruns on certain implementations that will not be billable, which additionally impacted system revenue, profit (loss) before income taxes, profit net (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.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, which is appropriate and typical of class members directing and overseeing the 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 his or her choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Symbotic’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertising. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We appreciate the opportunity to discuss your particular case. All communications will be treated confidentially.
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