SYMBOTIC INVESTIGATION ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates Claims On Behalf of Investors of Symbotic Inc. - SYM

NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., is investigating claims on behalf of Fund Managers and Investors of Symbotic Inc. (NasdaqGM: SYM) with losses in excess of $5 million. Such investors are advised to contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([e-mail]), or visit https://www.ksfcounsel.com/cases/nasdaqgm-sym/ to learn more.

The investigation concerns whether Symbotic and certain of its officers and/or directors have engaged in fraud, negligence or other unlawful business practices.

On November 27, 2024, pre-market, the Company disclosed that it would restate its fiscal year 2024 financial results as it had “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”

On this news, the price of Symbotic’s shares fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.

To learn more about KSF, you may visit www.ksfcounsel.com.