Symbotic, Inc. (NASDAQ: SYM)

This lawsuit is for anyone who acquired securities in Symbotic, Inc. (NASDAQ: SYM) from February 8, 2024 through November 26, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had adequate financial controls to prevent improper recognition of revenue when the Company lacked such controls.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Symbotic, Inc. (NASDAQ: SYM) from February 8, 2024 through November 26, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.