Investigations
Symbotic Inc.
Overview
Overview
- Deadline:
- Upcoming
| Company Name: | Company Name: Symbotic Inc. |
| Stock Symbol: | Stock Symbol: SYM |
Symbotic Inc. (NASDAQ: SYM): Symbotic is being investigated for violations of the federal securities laws in connection with potential false and misleading statements made to investors and a subsequent significant price decline in the stock.
If you incurred losses on your investments in Symbotic, you are encouraged to submit your information.
Why is Symbotic being Investigated?
Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors.
The Stock Declines as the Truth is Revealed
On November 27, 2024, Symbotic announced a delay in filing its Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and announced material weaknesses in its internal control over financial reporting. Symbotic revealed that it discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of its fiscal year 2024. The company estimated a $30–$40 million reduction in system revenue, gross profit, and adjusted EBITDA for its fiscal year 2024 and reduced its revenue outlook for the first quarter of fiscal 2025 to $480–$500 million, from $495–$515 million, and adjusted EBITDA of $12–16 million, from $27–$31 million. This news caused the price of the company’s stock to decline over 36% during the course of trading on November 27, 2024.
What are my Rights?
If you incurred losses on your investments in Symbotic, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you incurred losses on your investments in Symbotic, you are encouraged to submit your information.
Why is Symbotic being Investigated?
Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors.
The Stock Declines as the Truth is Revealed
On November 27, 2024, Symbotic announced a delay in filing its Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and announced material weaknesses in its internal control over financial reporting. Symbotic revealed that it discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of its fiscal year 2024. The company estimated a $30–$40 million reduction in system revenue, gross profit, and adjusted EBITDA for its fiscal year 2024 and reduced its revenue outlook for the first quarter of fiscal 2025 to $480–$500 million, from $495–$515 million, and adjusted EBITDA of $12–16 million, from $27–$31 million. This news caused the price of the company’s stock to decline over 36% during the course of trading on November 27, 2024.
What are my Rights?
If you incurred losses on your investments in Symbotic, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.