New York, New York–(Newsfile Corp. – January 6, 2025) – Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: NASDAQ:) and some of the Company’s senior executives for possible violations of federal securities laws.

If you are investing in Symbotic, you are encouraged to get more information by visiting https://www.bfalaw.com/cases-investigations/symbiotic-inc.

Investors have until February 3, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Symbotic securities. The case is pending in the US District Court for the District of Massachusetts and is captioned Decker v. Symbotic Inc., et al.No. 24-cv-12976.

What is Symbotic Class action (WA:) Lawsuit Part?

Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors. During the relevant period, the company represents that its financial statements are accurate and that its internal controls over financial reporting are effective.

Contrary to these representations, on November 27, 2024, Symbotic announced a delay in filing its Form 10-K for fiscal year 2024 due to known errors in revenue recognition and disclosed material weaknesses in internal controls over financial reporting. Symbotic revealed that it discovered issues related to premature cost recognition and unreimbursed cost overruns, which affected the system’s revenue recognition for several quarters of fiscal year 2024. the fiscal year 2024 and reduced its earnings outlook for the first quarter of fiscal 2025 to $480-$500 million, from $495-$515 million, and adjusted EBITDA of $12-16 million, from $27-$31 million.

This news caused the company’s stock price to drop by 35% during trading on November 27, 2024.

Click here if you lost: https://www.bfalaw.com/cases-investigations/symbiotic-inc.

What Can You Do?

If you invest in Symbotic you may have legal options and are encouraged to submit your information to the company.

All representation is on a contingency fee basis, at no cost to you. Shareholders are not responsible for any court costs or litigation costs. The company will seek court approval for any potential fees and costs.

Submit your information by visiting:

https://www.bfalaw.com/cases-investigations/symbiotic-inc

Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys were named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable achievements, BFA has recovered over $900 million in equity from Tesla (NASDAQ: ), Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceuticals (NYSE:) Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases-investigations/symbiotic-inc

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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/235873