Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Massachusetts on behalf of shareholders of Symbotic Inc. who purchased shares between February 8, 2024 and November 26, 2024.
Symbotic and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 27, 2024, pre-market, the Company disclosed that it would restate its fiscal year 2024 financial results as it had “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”
On this news, the price of Symbotic’s shares fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 3, 2025 to request that the court appoint them lead plaintiff.