Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Symbotic Inc. (“Symbotic” or “the Company”) (NASDAQ: SYM) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Symbotic investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: info@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The investigation is centered on Symbotic’s repeated statements, most recently on July 31, 2024, assuring that its financial statements were in full compliance with relevant accounting standards and that its internal controls over financial reporting were sufficient.
However, these assurances were questioned on November 27, 2024, when the company disclosed that it would need to revise its previously submitted financial statements for the first three quarters of fiscal year 2024 due to the premature recognition of revenue.
In particular, the company disclosed that it had "identified errors in its revenue recognition related to cost overruns on certain deployments that would not be billable, which also affected system revenue recognized in the second, third, and fourth quarters of fiscal year 2024." As a result, Symbotic’s restatement is expected to reduce system revenue and other key financial figures by $30 to $40 million for fiscal year 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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