PR Newswire
LOS ANGELES, Nov. 29, 2024
LOS ANGELES, Nov. 29, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Symbotic Inc. ("Symbotic" or "the Company") (NASDAQ: SYM) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Symbotic announced on November 27, 2024, that it would restate its fiscal year 2024 financial results after discovering serious errors in revenue recognition and cost overruns. The Company admitted that it expects reducing revenues and adjusted EBITDA by $30-$40 million. The Company will also delay filing its Annual Report on Form 10-K due to material weaknesses in internal controls. The Company also lowered its revenue and adjusted EBITDA outlook for the first quarter of 2025. Based on this news, shares of Symbotic fell by more than 38% in morning trading on the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
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SOURCE The Schall Law Firm
