Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ: SYM) investors of a class action representing investors that bought securities between February 8, 2024 and November 26, 2024, inclusive (the "Class Period"). Symbotic investors have until February 3, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit claims that Symbotic consistently assured investors of the accuracy of its financial reporting while concealing improper revenue recognition practices. Specifically, the complaint alleges that Symbotic artificially inflated its financial performance by accelerating revenue recognition in its 2024 financial statements, misleading investors about the true state of the company’s financial health.
The truth surfaced on November 27, 2024, when Symbotic acknowledged errors in its revenue recognition related to unbillable cost overruns. These errors affected all quarters of fiscal year 2024, with the company estimating a reduction of $30 to $40 million in system revenue and other key financial metrics.
Compounding the situation, Symbotic admitted to weaknesses in its internal controls over financial reporting, raising concerns about the company’s oversight practices. As of now, the financial restatements and annual report have not yet been filed.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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