SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Symbotic Inc. - SYM
NEW YORK, Dec. 2, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ: SYM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Symbotic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 27, 2024, Symbotic issued a press release announcing that, "on November 25, 2024, [it] identified errors in its revenue recognition related to cost overruns that will not be billable on certain deployments, which additionally impacted system revenue recognized in the second, third, and fourth quarters of fiscal year 2024", advising that it "estimates the total impact of correcting these errors will be to lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA[] by $30 million to $40 million for fiscal year 2024 compared to the financial results released on November 18, 2024." As a result of these errors, Symbotic further disclosed that it is unable to timely file its annual report for its fiscal year ended September 28, 2024 "without unreasonable effort or expense," had identified "certain material weaknesses" in its internal control over financial reporting, and was negatively revising its previously issued revenue and adjusted EBITDA outlook for the first quarter of fiscal year 2025 by millions of dollars.
On this news, Symbotic's stock price fell $13.41 per share, or 35.85%, to close at $24.00 per share on November 27, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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