NEW YORK, NY / ACCESSWIRE / December 3, 2024 / Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"), a preeminent national shareholder rights litigation firm, announces that is investigating potential claims against Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ:SYM).
The investigation concerns whether Symbotic Inc. and certain of its officers and/or directors have engaged in securities fraud.
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Symbotic builds and operates automated warehouse systems for clients in the United States and Canada, using artificial intelligence in its software.
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. 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 lauded by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests, 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.
SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
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