Kirby McInerney LLP Alerts Symbotic Investors About Class Action Lead Plaintiff Deadline

NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is reaching out to investors regarding an important deadline. Investors have until February 3, 2025, to apply for the role of lead plaintiff in a federal securities class action lawsuit on behalf of individuals who purchased stock in Symbotic Inc. during a specific period.

This class action pertains to those who bought Symbotic securities between February 8, 2024, and November 26, 2024, referred to as the "Class Period".

On November 27, 2024, before the market opened, Symbotic announced it could not submit its Annual Report on Form 10-K for the fiscal year that ended September 28, 2024, to the U.S. Securities and Exchange Commission. This announcement revealed that the company discovered errors in its revenue recognition tied to non-billable cost overruns on certain projects. This miscalculation also affected system revenue reported in the first three quarters of fiscal year 2024. As a result, the company projected a decrease in system revenue, gross profit, income (loss) before income tax, and adjusted EBITDA by $30 to $40 million for the fiscal year 2024. Additionally, Symbotic updated its fiscal year 2025 revenue and EBITDA forecasts downward by 3.0% and 51.7%, respectively. Following this news, the price of Symbotic shares plummeted by $13.41, which equates to roughly 35.8%, closing at $24.00 on November 27, down from $37.41 on November 26, 2024.

The lawsuit alleges that during the class period, the company's representatives made materially false or misleading statements and failed to disclose the improper acceleration of revenue recognition in Symbotic's 2024 financial statements.

If you have purchased or acquired Symbotic securities, possess relevant information, or wish to learn more about the ongoing investigation, you can contact Thomas W. Elrod at Kirby McInerney LLP via email at [email protected], or complete the contact form available for discussing your rights or interests at no cost.

Kirby McInerney LLP, based in New York, focuses on representing plaintiffs in various legal matters, including securities and antitrust litigation. The firm has successfully secured billions in recoveries for shareholders in securities lawsuits. For more details, visit their official website.

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Symbotic, ClassAction, Investors