| COMPANY |
Symbotic Inc. |
| COURT |
United States District Court for the District of Massachusetts |
| CASE NUMBER |
24-cv-12976 |
| JUDGE |
The Hon. Denise Jefferson Casper |
| CLASS PERIOD |
February 8, 2024, through November 26, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
The Class Period begins on February 8, 2024, when Symbotic filed with the SEC its quarterly report on Form 10-Q for the period ending December 30, 2023. Attached to the quarterly report were certifications pursuant to the Sarbanes-Oxley Act of 2002 signed by Defendants Cohen and Hibbard attesting to the accuracy of financial reporting, the disclosure of any material changes to the company’s internal control over financial reporting, and the disclosure of all fraud.
The complaint 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) Symbotic improperly accelerated its revenue recognition in its second and third quarter 2024 financial statements; (2) the company had a material weakness in its internal controls over financial reporting; and (3) as a result of the foregoing, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On March 10, 2025, the Plaintiff voluntarily dismissed the Complaint. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.