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) securities between May 6, 2024 and July 29, 2024, inclusive (the “Class Period”). Captioned Fox v. Symbotic Inc., No. 24-cv-12090 (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 October 15, 2024.
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 facts concerning the true state of Symbotic’s potential for margin growth in the third quarter of fiscal year 2024, and that Symbotic was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays.
The Symbotic class action lawsuit further alleges that on July 29, 2024, Symbotic disclosed third quarter fiscal year 2024 earnings that failed to meet projections due to below-expectation gross margins, including third quarter adjusted EBITDA of $15 million that missed Symbotic’s prior guide by $13 million at the midpoint, a reduction of more than 46.4%. On this news, the price of Symbotic stock fell nearly 24%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Symbotic 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.