LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz reminds investors of the upcoming February 3, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between February 8, 2024, and November 26, 2024, inclusive (the “Class Period”).

IF YOU ARE AN INVESTOR WHO LOST MONEY ON SYMBOTIC, INC. (SYM), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.

What Happened?

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 $13.14, or 35.8%, to close at $24.00 per share on November 27, 2024, thereby injuring investors.

What Is The Lawsuit About?

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 had ineffective internal controls; (2) the company had improperly accelerated its recognition of revenue; and (3) 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.

If you purchased or otherwise acquired Symbotic securities between February 8, 2024, and November 26, 2024, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is February 3, 2025.

Contact Us To Participate or Learn More:

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 us:

Frank R. Cruz
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Email us at: info@frankcruzlaw.com
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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