SAN FRANCISCO, CA / ACCESSWIRE / January 14, 2025 / Symbotic Inc. (NASDAQ:SYM), a Wilmington, Mass.-based automation technology company, has filed restated financial statements for three fiscal 2024 quarters, revealing significant errors in its previously reported revenue and profitability figures. The restatements, filed on December 4, follow the revelation of accounting errors last month and come as the company faces a securities fraud class action lawsuit.
Hagens Berman has opened an investigation and urges investors in Symbotic shares who suffered substantial losses to submit your losses now.
Class Period: Feb. 8, 2024 - Nov. 26, 2024
Lead Plaintiff Deadline: Feb. 3, 2025
Visit: www.hbsslaw.com/investor-fraud/sym
Contact the Firm Now: SYM@hbsslaw.com
844-916-0895
Securities Class Action Against Symbotic Inc. (SYM):
The restatements, covering the quarters ending December 30, 2023, March 30, 2024, and June 30, 2024, show that Symbotic had overstated its systems revenue and gross profit, while understating its operating and net losses. These adjustments paint a starkly different picture of the company's financial performance during that period.
The company disclosed on November 27 that it had identified errors in its revenue recognition related to unbillable cost overruns, impacting all quarters of fiscal year 2024. The estimated impact is a combined reduction of $30 to $40 million in system revenue, along with corresponding adjustments to other key financial metrics.
This disclosure has intensified scrutiny of Symbotic's accounting practices. A securities fraud class action lawsuit, already underway, alleges that the company misled investors by improperly accelerating revenue recognition in its 2024 financial statements, artificially inflating its financial performance. The suit claims that Symbotic's assurances about the integrity of its financial reporting masked these improper practices.
Adding to investor unease, Symbotic has acknowledged weaknesses in its internal controls over financial reporting. This admission raises questions about the company's oversight and its ability to accurately track and report its financial results.
Hagens Berman, a prominent shareholder rights law firm, has launched an investigation into the allegations. The firm is examining whether the accounting errors were intentional attempts to manipulate Symbotic's reported financial performance and artificially inflate its stock price.
"Symbotic's significant revisions to its financials raise serious questions about the propriety of its accounting," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.
If you invested in Symbotic and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Symbotic case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Symbotic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SYM@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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