LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 18, 2024, Symbotic disclosed that it had “determined that it will be required to restate its previously issued unaudited interim financial statements for the first, second and third quarters of fiscal year 2024.” The Company explained the restatement was being made in connection with certain expenses which “resulted in the acceleration of the recognition of cost of revenue.”
Then, on November 27, 2024, Symbotic disclosed that it would be unable to timely file its annual financial report for fiscal year 2024 due to “an error related to system revenue recognition and the impacts of that error on internal controls over financial reporting.”
On this news, Symbotic’s stock price fell as much as 41% during intraday trading on November 27, 2024, thereby injuring investors.
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If you purchased Symbotic securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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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