Robbins LLP is Investigating Allegations that Symbotic Inc. (SYM) Failed to Disclose Material Weaknesses in its Internal Control Over Financial Reporting

Robbins LLP informs investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Symbotic Inc. (NASDAQ: SYM) securities between February 8, 2024 and November 26, 2024. Symbotic is an automation technology company that engages in the production of a robotics and automation-based product movement technology platform.

The Allegations  

According to the complaint, on November 27, 2024, the Company filed with the SEC a Form 8-K/A, in which the Company revealed 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." Further, the Company indicated that its previously issued financial statements for the fourth quarter and fiscal year 2024, and the Company’s supplemental presentation, should no longer be relied upon. On this news, the price of Symbotic stock fell over 35%, to close at $24 per share on November 27, 2024.

What Now: You may be eligible to participate in the class action against Symbotic Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 3, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.