Symbotic Inc. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Symbotic Inc.

Symbotic Inc. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Symbotic Inc.

Upcoming Lead Plaintiff Deadline is February 3, 2025

CLICK HERE TO PROVIDE CONTACT INFORMATION AND JOIN THE CASE

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons and entities that purchased or otherwise Symbotic Inc. (NASDAQ: SYM)  ("Symbotic" or the "Company") common stock between February 2, 2024  and November 26, 2024, inclusive (the "Class Period"). 

All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than February 3, 2025, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

Symbotic Inc. develops and operates robotics systems to automate and optimize warehouse and supply chain operations for major retailers and distributors.

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 ("SEC"). 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

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

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

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP