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.
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. Furthermore, Symbotic said 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 were reported to 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. On this news, Symbotic’s stock price plummeted $13.41 per share to $24.00 on November 27, 2024, down 35.9% on very heavy volume.
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 asavett@wolfpopper.com.