NEWTOWN, Pa., Dec. 2, 2024 /PRNewswire/ -- Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Symbotic, Inc. ("Symbotic" or "the Company") (NASDAQ: SYM) resulting from allegations of providing potentially misleading business information to the investing public.
If you have non-public information that could assist in the Symbotic Investigation or if you are a Symbotic investor who suffered a loss and would like to learn more, you can provide your information HERE.
You can also contact attorneys Eric Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 or via e-mail at elechtzin@edelson-law.com.
THE COMPANY: Symbotic Inc., located in Wilmington, Massachusetts, specializes in robotic automation for warehouses. The company designs and manages AI-driven systems that optimize operations for grocery, retail, and wholesale clients across the United States and Canada.
THE ALLEGED WRONGDOING: On November 27, 2024, Symbotic announced that it would restate its financial results for the fiscal year 2024 due to significant errors in revenue recognition and cost overruns. The Company disclosed that it anticipates a revenue reduction and adjusted EBITDA ranging from $30 million to $40 million. Furthermore, Symbotic indicated that it would postpone filing its Annual Report on Form 10-K due to material weaknesses in its internal controls. Consequently, the Company revised its revenue and adjusted EBITDA forecast for the first quarter of 2025.
THE REVELATION: On this news, the price of Symbotic's stock fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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SOURCE Edelson Lechtzin LLP
