Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses at Symbotic to contact him directly to discuss their options
If you purchased or acquired securities in Symbolic between February 8, 2024 and November 26, 2024 and would like to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly has 877-247-4292 Or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 25, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating possible claims against Symbotic Inc (NASDAQ:). (“Symbolic” or the “Company”) (NASDAQ: SYM) and reminds investors of the Deadline February 3, 2025 to seek lead plaintiff status 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 company has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its officers violated the federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) the accounting of revenues unduly accelerated symbolically in its 2024 financial statements; and (2) as a result, Defendants’ statements regarding 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 were leaked to 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 would restate its fiscal 2024 financial results. The report states that Symbotic “ identified errors in revenue recognition related to cost overruns on certain deployments that will not be billable, which had a further impact on system revenue, profit (loss) before income tax, net profit (loss) and gross profit recorded in the report. second, third and fourth quarters of fiscal 2024.”
Following 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, who is adequate and typical of the class members directing and overseeing the litigation on behalf of the putative class. Any putative class member may move to the court to serve as lead plaintiff through an attorney of their choice, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by whether you serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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