Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc. (SYM) and reminds investors of the October 15, 2024, deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the company.
The investigation stems from Symbotic’s recent announcement of their 3Q24 financial results, where the company lowered its revenue guidance for the fourth quarter and full fiscal year 2024. Symbotic attributed this change to “schedule growth and higher labor costs during the quarter.” However, analysts questioned when management became aware of these issues and responded accordingly.
Following this news, Symbotic’s stock price dropped significantly, opening at $26.36 per share on July 29, 2024, representing a 25% decline from the previous day’s closing price of $35.63 per share. The lawsuit alleges that Symbotic and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose facts concerning the true state of Symbotic’s potential for margin growth in the third quarter of fiscal year 2024, and that Symbotic was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays.
Faruqi & Faruqi is encouraging investors who suffered losses exceeding $100,000 in Symbotic between May 6, 2024, and July 29, 2024, to contact the firm directly to discuss their legal options. They can reach partner Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310). For additional information, they can visit www.faruqilaw.com.
The firm emphasizes that the court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or choose to remain an absent class member. This decision does not affect their ability to share in any recovery.
Faruqi & Faruqi, LLP is also encouraging anyone with information regarding Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
To learn more about the Symbotic class action, visit www.faruqilaw.com/SYM. You can also follow Faruqi & Faruqi for updates on LinkedIn, X, or Facebook.
