The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Symbotic Inc. (SYM) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between February 8, 2024, and November 26, 2024, inclusive (the “Class Period”). Symbotic investors have until February 3, 2025 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On November 18, 2024, Symbotic disclosed that it had “determined that it will be required to restate its previously issued unaudited interim financial statements for the first, second and third quarters of fiscal year 2024.” The Company explained the restatement was being made in connection with certain expenses which “resulted in the acceleration of the recognition of cost of revenue.”

Then, on November 27, 2024, Symbotic disclosed that it would be unable to timely file its annual financial report for fiscal year 2024 due to “an error related to system revenue recognition and the impacts of that error on internal controls over financial reporting.”

On this news, Symbotic’s stock price fell $13.14, or 35.8%, to close at $24.00 per share on November 27, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had ineffective internal controls; (2) the company had improperly accelerated its recognition of revenue; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Symbotic securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com.

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