Symbotic Inc.
| Company Name | Symbotic Inc. |
| Stock Symbol | SYM |
| Class Period | May 06, 2024 to July 29, 2024 |
| Lead Plaintiff Motion Deadline | October 15, 2024 |
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.
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