| COMPANY |
Symbotic Inc. |
| COURT |
United States District Court for the District of Massachusetts |
| CASE NUMBER |
24-cv-12090 |
| JUDGE |
The Hon. Mary Page Kelley |
| CLASS PERIOD |
May 6, 2024, through July 29, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS OCTOBER 15, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On July 29, 2024, Symbotic announced the company’s financial results for the third quarter of 2024, and revealed that Symbotic had a net loss of $14 million, and reported third quarter adjusted EBITDA of $15 million, missing its prior guidance by $13 million at the midpoint, or by 46.4%. As a result, Symbotic provided fourth quarter 2024 revenue guidance and adjusted EBITDA guidance well-below market expectations. On the corresponding earnings call, Symbotic’s CFO, attributed the poor financial results to construction delays and longer system deployments that were creating higher costs. On this news, the price of Symbotic Class A common stock declined $8.38 per share, or approximately 23.5%, from a close of $35.63 per share on July 29, 2024, to close at $27.25 per share on July 30, 2024.
The complaint alleges that, during 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 misrepresented and/or failed to disclose that: (1) Symbotic did not possess reliable information pertaining to the company’s projected earnings outlook and anticipated growth; (2) Symbotic’s positive statements about its future prospects minimized risk from seasonality and macroeconomic fluctuations; (3) the company was not equipped to timely deploy its systems or otherwise appropriately manage its expenses through project delays; and (4) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.