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Class Action Lawsuit Filed Against Symbotic, Inc.
Philadelphia, Pennsylvania—A securities class action lawsuit has been initiated against Symbotic, Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) by Berger Montague PC. The lawsuit concerns investors who acquired Symbotic securities between February 8, 2024, and November 26, 2024 (the “Class Period”).
Investor Deadline: Those who purchased or obtained SYMBOTIC securities within the specified Class Period may be eligible to apply as a lead plaintiff representative for the class by FEBRUARY 3, 2025. For further details about participation in this lawsuit, investors can reach out to Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net. Additional information can be accessed by CLICK HERE.
Symbotic, headquartered in Wilmington, Massachusetts, specializes in automation technology, particularly in robotics and product movement systems.
The lawsuit claims that during the Class Period, Defendants made significant false and misleading statements, failing to disclose that Symbotic hastily accelerated revenue recognition in its financial statements for 2024. This misrepresentation allegedly highlighted deficiencies in the Company’s internal controls over financial reporting.
The true circumstances came to light on November 27, 2024, when Symbotic publicly acknowledged errors related to its revenue recognition tied to cost overruns on specific projects that would not be billable. The Company indicated that these failures adversely influenced various financial metrics for the second, third, and fourth quarters of fiscal year 2024.
As a result of this revelation, Symbotic’s stock plummeted by $13.41 per share, a decline of 35%, closing at $24.00 on November 27, 2024.
Learn More About the Lawsuit
A lead plaintiff serves as a representative for all members within the class, guiding the direction of the litigation. Typically, this individual or small group of investors has the most significant financial stake in the case, while also being representative of the broader class. The selected lead plaintiff has the authority to choose legal counsel to represent both themselves and the class, pending court approval. It is important to note that one’s eligibility to recover damages is not contingent upon their choice to act as a lead plaintiff. Any potential class member can apply to serve in this capacity or choose to remain passive without affecting their claims.
Founded in 1970, Berger Montague has been at the forefront of securities class action litigation, representing both individual and institutional investors for over 50 years. The firm operates offices in several locations, including Philadelphia, Minneapolis, Delaware, Washington D.C., San Diego, San Francisco, and Chicago, and serves as lead counsel across various courts in the United States.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237739.
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