NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ:SYM) securities between February 8, 2024, to November 26, 2024 (“the Class Period”). Investors have until February 3, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On November 27, 2024, before the market opened, Symbotic announced it would not be able to file its Annual Report on Form 10-K for the fiscal year ended September 28, 2024, with the U.S. Securities and Exchange Commission. Symbotic disclosed that on November 25, 2024, it had identified errors in its revenue recognition related to cost overruns that are not billable on certain deployments, which additionally impacted system revenue recognized in the first three quarters of fiscal year 2024. The total impact of the errors will lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 to $40 million for fiscal year 2024. Furthermore, Symbotic lowered its fiscal year 2025 revenue and EBITDA guidance by 3.0% and 51.7%, respectively. On this news, the price of Symbotic shares declined by $13.41 per share, or approximately 35.8%, from $37.41 per share on November 26, 2024, to close at $24.00 on November 27, 2024.
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that Symbotic improperly accelerated revenue recognition in its 2024 financial statements.
If you purchased or otherwise acquired Symbotic securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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