PHILADELPHIA, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Symbotic, Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) on behalf of purchasers of Symbotic securities between February 8, 2024 through November 26, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired SYMBOTIC securities during the Class Period may, no later than FEBRUARY 3, 2025, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net, or CLICK HERE.
Headquartered in Wilmington, Mass., Symbotic is an automation technology company which produces robotics and product-movement technology.
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that Symbotic improperly accelerated revenue recognition in its 2024 financial statements and thus its internal controls over financial reporting were inadequate.
Investors learned the truth on November 27, 2024, when Symbotic disclosed that it had “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable.” This failure of internal controls over financial reporting, according to the Company, had impacted system revenue, income (loss) before income tax, net income (loss), and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”
On this news, shares of Symbotic fell $13.41 per share, or 35%, to close at $24.00 on November 27, 2024.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
phamner@bm.net
