SAN DIEGO, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Symbotic Inc. (NASDAQ: SYM). The lawsuit seeks to recover losses on behalf of investors who acquired securities between February 8, 2024 and November 26, 2024. Investors have until February 3, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
If you incurred significant losses and want to act as the lead plaintiff in the Symbotic class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, please submit your details here: https://www.johnsonfistel.com/investigations/symbotic-sym
Contact for More Information: James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
According to the lawsuit, during the Class Period, Symbotic disclosed that it “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally 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,” “identified in its preliminary assessment of internal control over financial reporting for the fiscal year ended September 28, 2024 certain material weaknesses,” and Symbotic’s “previously issued financial statements for those periods, including the financial information included in [Symbotic]’s earnings press release for the fourth quarter and fiscal year 2024 and [Symbotic]’s supplemental presentation, should therefore no longer be relied upon.” On this news, the price of Symbotic stock fell nearly 36%, according to the complaint.
Investor Action Steps: Shareholders who incurred losses during the class period, have until February 3, 2025, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
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Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
