NEWTOWN,
Pa., Dec. 2, 2024 /PRNewswire/ -- Edelson
Lechtzin LLP is investigating potential violations of the
federal securities laws involving Symbotic, Inc. ("Symbotic"
or "the Company") (NASDAQ: SYM) resulting from allegations of
providing potentially misleading business information to the
investing public.
If you have non-public information that could assist in the
Symbotic Investigation or if you are a Symbotic investor who
suffered a loss and would like to learn more, you can provide your
information HERE.
You can also contact attorneys Eric
Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 or
via e-mail at elechtzin@edelson-law.com.
THE COMPANY: Symbotic Inc., located in Wilmington, Massachusetts, specializes in
robotic automation for warehouses. The company designs and manages
AI-driven systems that optimize operations for grocery, retail, and
wholesale clients across the United
States and Canada.
THE ALLEGED WRONGDOING: On
November 27, 2024, Symbotic announced
that it would restate its financial results for the fiscal year
2024 due to significant errors in revenue recognition and cost
overruns. The Company disclosed that it anticipates a revenue
reduction and adjusted EBITDA ranging from $30 million to $40
million. Furthermore, Symbotic indicated that it would
postpone filing its Annual Report on Form 10-K due to material
weaknesses in its internal controls. Consequently, the Company
revised its revenue and adjusted EBITDA forecast for the first
quarter of 2025.
THE REVELATION: On this news, the price of
Symbotic's stock fell $13.41 per
share, or 36%, to close at $24 per
share on November 27, 2024.
ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a
national class action law firm with offices in Pennsylvania and California. In addition to cases involving
securities and investment fraud, our lawyers focus on
class and collective litigation in cases alleging violations of the
federal antitrust laws, employee benefit plans under ERISA, wage
theft and unpaid overtime, consumer fraud, and
catastrophic injuries.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
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SOURCE Edelson Lechtzin LLP