Wolf Popper LLP Announces Investigation on Behalf of Symbotic Inc. Investors
NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of purchasers of Symbotic Inc. (“Symbotic”) common stock (NASDAQ: SYM).
SYM designs and develops an A.I.-powered robotic software platform for use in warehouses.
After the market closed on November 18, 2024, SYM announced its fiscal fourth quarter and full year 2024 results. In addition, Symbotic disclosed it would need to restate its financial statements for the first three quarters of fiscal year 2024 with respect to its accounting of goods and services received.
Before the market opened on November 27, 2024, Symbotic announced it wouldn’t be able to file its Annual Report on Form 10-K for the fiscal year ended September 28, 2024. Symbotic disclosed 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 2024. The total impact of the errors will lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 million to $40 million for fiscal 2024. Furthermore, Symbotic lowered its fiscal 2025 revenue and adjusted EBITDA guidance by 3.0% and 51.7%, respectively. Pre-market trading for Symbotic on November 27, 2024 indicates Symbotic’s stock price will open down over 31% to $25.34 per share.
Investors who lost over $25,000 trading in Symbotic common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or [email protected].
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
Attorney Advertising: Prior Results Do Not Guarantee a Similar Outcome.
Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: [email protected]
Previous Posts:
- WOLFSPEED ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Wolfspeed, Inc. and Encourages Investors to Contact the Firm
- XEROX ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Xerox Holdings Corporation and Encourages Investors to Contact the Firm
- 21 CFR Part 11, SaaS/Cloud, EU GDPR Virtual Course: Reducing Costs for Compliance With Data Integrity (LINE EVENT: January 30-31, 2025 or ON-DEMAND)
Next Posts:
- ASML INVESTOR NEWS: ASML Holding N.V. Investors are Notified that the Company has been Sued for Securities Fraud and are Urged to Contact BFA Law (NASDAQ:ASML)
- Pisanchyn Law Firm: Big Truck Accident Case Experts Celebrate Achieving Top Client Testimonials and 5-Star Reviews
- From Hours to Minutes: How Law Practice AI is Redefining Efficiency and Precision