Pomerantz Law Firm Files Class Action Against Symbotic Inc. SYM
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Class Action Lawsuit Against Symbotic Inc.
Pomerantz LLP announces the filing of a class action lawsuit against Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ: SYM). If you are an investor affected by this situation, it's important to understand the implications and your options moving forward.
Understanding the Allegations
The class action lawsuit raises serious concerns regarding whether Symbotic and specific officers or directors have engaged in fraudulent practices related to securities. Investors who have acquired Symbotic securities during the relevant period may wish to inquire about their rights in this matter.
Deadline for Participation
If you purchased or obtained Symbotic securities, you have until October 15, 2024, to request the Court to appoint you as Lead Plaintiff for the class. It’s essential to act promptly to protect your interests.
Details of Financial Performance
On July 29, Symbotic reported disappointing financial results for the third quarter. The earnings per share report fell short of expectations, mainly due to lower-than-anticipated gross margins. The Company also revealed a third-quarter adjusted EBITDA of $15 million, significantly missing its prior guidance by $13 million. Expectations for the fourth quarter of fiscal 2024 also did not meet analyst forecasts.
Impact on Share Price
As a direct consequence of these earnings reports, including the guidance cuts, Symbotic’s stock price experienced a significant decline. On July 30, 2024, the stock fell by $8.38, or approximately 23.52%, concluding trading at $27.25 per share.
Pomerantz LLP: A Leader in Class Action Litigation
Pomerantz LLP, with its offices in major cities, is recognized as a leading firm in corporate, securities, and antitrust class litigation. Established over 85 years ago by Abraham L. Pomerantz, the firm has a rich history of advocating for victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. They have successfully recovered billions in damages for class members, continuing the legacy of their founder.
Contact Information
For further inquiries or legal assistance, you can reach out to Danielle Peyton at Pomerantz LLP. Providing your mailing address and the number of shares you purchased will expedite the process of your inquiry.
Frequently Asked Questions
What is the class action lawsuit about?
The lawsuit questions whether Symbotic and its officers engaged in securities fraud and unlawful business practices.
How can I participate in the class action?
Shareholders have until October 15, 2024, to request to be appointed as Lead Plaintiff for the class.
What were the financial results reported by Symbotic?
The Company reported earnings per share that did not meet expectations, and an adjusted EBITDA significantly lower than prior guidance.
How much did Symbotic's stock price drop after the report?
Symbotic's stock fell by $8.38 per share, recording a drop of 23.52% on July 30, 2024.
Who can I contact for more information?
You can contact Danielle Peyton at Pomerantz LLP for more information regarding the lawsuit and to discuss your options.
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