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Faruqi & Faruqi, LLP Securities Litigation Partners James (Josh) Wilson Urges Investors Suffering Losses To Symbotic To Contact Him Directly To Discuss Their Options.
If you have purchased or acquired securities through Symbiotic between 8 February 2024 and 26 November 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 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 potential claims against Symbotic Inc (NASDAQ :). (“Symbotic” or the “Company”) (NASDAQ: SYM) and reminds investors of February 3, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint 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 accelerated improperly recognized revenue in its 2024 financial statements; and (2) as a result, the defendants’ statements about Symbotic’s business, operations, and prospects were false and misleading and/or had no reasonable basis at all relevant times. When the real facts entered the market, the lawsuit alleges that investors were harmed.
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 will restate its financial results for the year 2024. The report is stated that Symbotic “identified errors in revenue recognition related to cost overruns in certain non-reimbursable flows, which affected system revenue, revenue (loss) before income tax, income (loss) and gross profit recognized for the second, third and fourth quarters of the 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 lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this release, please visit https://www.newsfilecorp.com/release/238351
