Wolf Popper LLP Announces Investigation On Behalf Of Symbotic Inc. Investors
Date
11/27/2024 1:00:57 PM
(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of purchasers of Symbotic Inc. (“Symbotic”) common stock (NASDAQ: SYM).
SYM designs and develops an A.I.-powered robotic software platform for use in warehouses.
After the market closed on November 18, 2024, SYM announced its fiscal fourth quarter and full year 2024 results. In addition, Symbotic disclosed it would need to restate its financial statements for the first three quarters of fiscal year 2024 with respect to its accounting of goods and services received.
Before the market opened on November 27, 2024, Symbotic announced it wouldn't be able to file its Annual Report on Form 10-K for the fiscal year ended September 28, 2024. Symbotic disclosed on November 25, 2024, it had identified errors in its revenue recognition related to cost overruns that are not billable on certain deployments, which additionally impacted system revenue recognized in the first three quarters of fiscal 2024. The total impact of the errors will lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 million to $40 million for fiscal 2024. Furthermore, Symbotic lowered its fiscal 2025 revenue and adjusted EBITDA guidance by 3.0% and 51.7%, respectively. Pre-market trading for Symbotic on November 27, 2024 indicates Symbotic's stock price will open down over 31% to $25.34 per share.
Investors who lost over $25,000 trading in Symbotic common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or ....
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
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