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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 number02/08/2024
Class period Start11/26/2024
Class period End02/03/2025
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%.
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