Rick Cohen, the founder of AI-powered warehouse robotics company Symbotic, has seen his net worth drop significantly due to a sharp decline in the company’s stock price. This decline is attributed to construction delays, increased implementation costs, and a class-action lawsuit alleging misleading growth claims. Cohen’s net worth has fallen 41% this year, dropping him from the 94th to the 178th spot on the Bloomberg Billionaires Index.
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc. (SYM) following the company’s announcement of disappointing financial results and a lowered revenue guidance for the fourth quarter and full fiscal year 2024. Investors who suffered losses exceeding $100,000 in Symbotic between May 6, 2024, and July 29, 2024, are encouraged to contact the firm to discuss their legal options.
