Symbotic (US:SYM) Prnewswireยท2024-12-12 17:18Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Symbotic Inc. due to allegations of improper revenue recognition and misleading statements that have led to significant investor losses [2][4]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi, LLP is encouraging investors who suffered losses exceeding $100,000 in Symbotic between February 8, 2024, and November 26, 2024, to discuss their legal options [1]. - A federal securities class action has been filed against Symbotic, with a deadline of February 3, 2025, for investors to seek the role of lead plaintiff [2][6]. - The complaint alleges that Symbotic and its executives violated federal securities laws by making false statements and failing to disclose critical information regarding revenue recognition [4]. Group 2: Financial Impact and Stock Performance - On November 27, 2024, Symbotic announced it would restate its fiscal year 2024 financial results due to identified errors in revenue recognition, leading to a stock price drop of $13.41 per share, or 36%, closing at $24 per share [5]. - The restatement of financial results impacted various financial metrics, including system revenue, income before income tax, net income, and gross margin for the second, third, and fourth quarters of fiscal year 2024 [5]. Group 3: Firm Background and Contact Information - Faruqi & Faruqi, LLP is a national securities law firm with a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [3]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding Symbotic's conduct [7].