NEW YORK, NY / ACCESSWIRE / September 7, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ:SYM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Symbotic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 15, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Symbotic securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On July 29, 2024, Symbotic reported its financial results for the third quarter of its fiscal year. Among other items, Symbotic reported earnings per share that failed to meet expectations, which the Company attributed to below-expectation gross margins. Symbotic also disclosed third quarter adjusted EBITDA of $15 million that missed Symbotic's prior guidance by $13 million at the midpoint, a reduction of more than 46.4%. Symbotic also provided fourth quarter 2024 guidance that fell short of analyst expectations.
On this news, Symbotic's stock price fell $8.38 per share, or 23.52%, to close at $27.25 per share on July 30, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP