Law Offices of Howard G. Smith reminds investors of the upcoming February 3, 2025 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between February 8, 2024, and November 26, 2024, inclusive (the “Class Period”).

Investors suffering losses on their Symbotic investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.

On November 18, 2024, Symbotic disclosed that it had “determined that it will be required to restate its previously issued unaudited interim financial statements for the first, second and third quarters of fiscal year 2024.” The Company explained the restatement was being made in connection with certain expenses which “resulted in the acceleration of the recognition of cost of revenue.”

Then, on November 27, 2024, Symbotic disclosed that it would be unable to timely file its annual financial report for fiscal year 2024 due to “an error related to system revenue recognition and the impacts of that error on internal controls over financial reporting.”

On this news, Symbotic’s stock price fell $13.14, or 35.8%, to close at $24.00 per share on November 27, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had ineffective internal controls; (2) the company had improperly accelerated its recognition of revenue; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Symbotic securities during the Class Period, you may move the Court no later than February 3, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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