Symbotic (SYM) Deadline Approaching: Berger Montague Advises Investors of Deadline in Securities Fraud Lawsuit
Investors are being informed that a lawsuit has been filed against Symbotic Inc (NASDAQ:SYM) on behalf of those who purchased Symbotic securities between February 8, 2024, and November 26, 2024, inclusive. This lawsuit is particularly relevant for investors who may have sustained financial losses during this period.
For individuals who acquired Symbotic securities during the specified Class Period, it is important to note that they may seek to be appointed as a lead plaintiff representative of the class before the deadline of FEBRUARY 3, 2025.
Symbotic, headquartered in Wilmington, Massachusetts, is known for its advancements in automation technology, specifically focusing on robotics and product-movement technology.
The situation escalated on November 27, 2024, when Symbotic publicly acknowledged that it had discovered errors in its revenue recognition linked to cost overruns on certain deployments that would not be billed. This revelation was attributed to failures in the company’s internal controls over financial reporting. As a result, the accuracy of system revenue, income before income tax, net income, and gross margin recognized during the second, third, and fourth quarters of the fiscal year 2024 was significantly impacted.
This news led to a dramatic decline in Symbotic’s stock price, with shares plummeting $13.41 per share, or 35%, closing at $24.00 on November 27, 2024.
Any investors who are interested in participating in this litigation are encouraged to grasp the opportunity to understand more about the developments regarding the lawsuit. A lead plaintiff serves an essential role in guiding the proceedings on behalf of all concerned class members and typically represents investors who have the most substantial financial interest in the outcome of the case.
It is also important to note that participating in this lawsuit does not require any potential class member to actively engage as a lead plaintiff. Investors can choose to either participate through legal counsel of their choice or opt to remain inactive in the proceedings.
Berger Montague has been a significant force in securities class action litigation since its inception in 1970, representing both individual and institutional investors across the United States for over five decades.
