Bronstein, Gewirtz & Grossman, LLC Files Class Action Lawsuit Against Symbotic Inc.
On January 22, 2025, in the United States District Court for the Eastern District of New York, Bronstein, Gewirtz & Grossman, LLC, a leading national securities litigation law firm, announced that a class action lawsuit has been filed against Symbotic Inc. (“Symbotic” or “the Company”) (NASDAQ: SYM) and certain of its officers. The lawsuit alleges violations of the federal securities laws.
Class Definition
The complaint, filed on behalf of all persons and entities that purchased or otherwise acquired Symbotic securities between February 8, 2024, and November 26, 2024 (the “Class Period”), seeks to recover damages arising from Defendants’ alleged misrepresentations and/or omissions of material facts.
Allegations
The complaint alleges that during the Class Period, Symbotic and its officers made false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and financial condition. Specifically, the complaint alleges that Symbotic failed to disclose:
- The true financial condition of the Company, including its revenue growth and profitability;
- The Company’s inability to meet its revenue guidance;
- The Company’s dependence on a single customer for a significant portion of its revenue;
- The Company’s failure to maintain adequate internal control over financial reporting;
- The Company’s failure to disclose related party transactions;
Effects on Individual Investors
If you purchased or otherwise acquired Symbotic securities during the Class Period, you may be entitled to compensation. The lead plaintiff must file a motion for preliminary approval of the proposed class action settlement before the court can decide whether to certify the class. You do not need to be the lead plaintiff to share in any recovery.
Effects on the World
The class action lawsuit against Symbotic could have far-reaching consequences, as it highlights the importance of transparency and accuracy in financial reporting. The lawsuit underscores the need for companies to provide complete and accurate information to investors to ensure that the market remains fair and efficient. Additionally, the lawsuit could impact investor confidence in the technology sector, particularly in companies that rely heavily on automation and artificial intelligence.
Conclusion
The class action lawsuit against Symbotic is an important reminder for companies to prioritize transparency and accuracy in their financial reporting. The lawsuit also underscores the potential consequences of failing to do so. If you purchased Symbotic securities during the Class Period, you may be entitled to compensation. For more information, please contact Bronstein, Gewirtz & Grossman, LLC.
