LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming October 15, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between May 6, 2024, to July 29, 2024, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On July 29, 2024, Symbotic released its third quarter fiscal 2024 financial results, revealing third quarter adjusted EBITDA of $15 million, missing their prior guidance by approximately $13 million. Additionally, the Company lowered its fourth quarter fiscal 2024 financial guidance below market expectations.
On this news, Symbotic’s stock price fell $8.38, or 23.5%, to close at $27.25 per share on July 30, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Symbotic securities during the Class Period, you may move the Court no later than October 15, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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