Law Offices of Howard G. Smith reminds investors of the upcoming October 15, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between May 6, 2024, to July 29, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Symbotic investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to [email protected].
On July 29, 2024, Symbotic released its third quarter fiscal 2024 financial results, revealing third quarter adjusted EBITDA of $15 million, missing their prior guidance by approximately $13 million. Additionally, the Company lowered its fourth quarter fiscal 2024 financial guidance below market expectations.
On this news, Symbotic’s stock price fell $8.38, or 23.5%, to close at $27.25 per share on July 30, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Symbotic securities during the Class Period, you may move the Court no later than October 15, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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