Symbotic Inc. Class Action Lawsuit - SYM
Case Summary
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The Symbotic class action lawsuit seeks to represent purchasers or acquirers of Symbotic Inc. (NASDAQ: SYM) publicly traded securities between February 8, 2024 and November 26, 2024, inclusive (the “Class Period”). Captioned Decker v. Symbotic Inc., No. 24-cv-12976 (D. Mass.), the Symbotic class action lawsuit charges Symbotic and certain of Symbotic’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Symbotic class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Symbotic class action lawsuit must be filed with the court no later than February 3, 2025.
CASE ALLEGATIONS: Symbotic is an automation technology company that engages in developing technologies to improve operating efficiencies in modern warehouses.
The Symbotic class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Symbotic had improperly accelerated its recognition of revenue.
The Symbotic class action lawsuit further alleges that on November 27, 2024, 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.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Symbotic publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Symbotic class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Symbotic class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Symbotic class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Symbotic class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.