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SYM.US
id: 1415

Symbotic (SYM) Revenue Misstatement Case

The court has appointed the lead plaintiff to represent the class.
D. Massachusetts
Court
1:24-cv-12976
Case number
02/08/2024
Class period Start
11/26/2024
Class period End
02/03/2025
Lead Plaintiff motion deadline
  • $SYM investors filed a lawsuit against Symbotic for misleading them by misreporting revenue and not disclosing weaknesses in internal controls.
  • On November 27, 2024, Symbotic announced it would restate its Q2, Q3, and Q4 fiscal 2024 results due to revenue recognition errors. Following this news, $SYM stock dropped by 35.8%.
  • $SYM investors can join this case to be notified about potential recovery.
Case Details:

Between February 8, 2024, and November 26, 2024, Symbotic assured investors of its financial accuracy, citing effective internal controls in its Q2 and Q3 2024 filings.

On November 27, 2024, Symbotic admitted it misclassified revenue from cost overruns on certain projects, which inflated its revenue, income, and margins in fiscal 2024.

Following this news, $SYM dropped by 35.8%.

Based on these events, $SYM investors filed a lawsuit against Symbotic, accusing the company of the following:
  • It misrepresented its revenue and financial results through improper accounting.
  • It failed to disclose material weaknesses in its internal controls.
Investors believe Symbotic misreported revenue and did not disclose weaknesses in internal controls.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/27/2024
Filing date
12/03/2024
Lead Plaintiff Deadline
02/03/2025

Symbotic Inc

Symbotic Inc., an automation technology company, develops technologies to enhance operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large war...

    Ticker
    SYM.US
    ISIN
    US87151X1019
    CIK
    0001837240
    Sector
    Industrials
    Industry
    Specialty Industrial Machinery
    Country
    USA
    Address
    200 Research Drive, Wilmington, MA, United States, 01887