Symbotic (US:SYM) Prnewswireยท2024-12-14 14:24Core Viewpoint - The Symbotic Inc. class action lawsuit alleges that the company and its executives made misleading statements regarding revenue recognition, leading to significant financial losses for investors during the specified class period [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Decker v. Symbotic Inc., and it involves purchasers of Symbotic securities from February 8, 2024, to November 26, 2024 [1]. - Investors have until February 3, 2025, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit claims that Symbotic improperly accelerated its revenue recognition, which misled investors [3]. Group 2: Financial Impact and Company Response - On November 27, 2024, Symbotic disclosed errors in its revenue recognition related to cost overruns, which affected its financial statements for the second, third, and fourth quarters of fiscal year 2024 [4]. - Following this disclosure, Symbotic's stock price fell nearly 36% [4]. Group 3: Lead Plaintiff Process - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Symbotic securities during the class period to seek lead plaintiff status [5]. - The lead plaintiff represents the interests of all class members and can select a law firm for litigation [5]. Group 4: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud cases, having recovered $6.6 billion for investors in class action cases [6]. - The firm has been ranked 1 in securing monetary relief for investors in six out of the last ten years [6].