NEW YORK, Oct. 04, 2024 (GLOBE NEWSWIRE) — Moore Law, PLLC, a shareholder litigation law firm located on Wall Street, is investigating potential claims against:
Symbotic Inc. (NASDAQ: NASDAQ:)
- Shareholders should email Fletcher@fmoorelaw.com
Symbotic is an automation technology company that engages in developing technologies to improve operating efficiencies in modern warehouses.
The Symbotic investigation concerns false and/or misleading statements and/or failed to disclose facts concerning the true state of Symbotic’s potential for margin growth in the third quarter of fiscal year 2024, and that Symbotic was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays.
On July 29, 2024, Symbotic disclosed third quarter fiscal year 2024 earnings that failed to meet projections due to below-expectation gross margins, including third quarter adjusted EBITDA of $15 million that missed Symbotic’s prior guide by $13 million at the midpoint, a reduction of more than 46.4%. On this news, the price of Symbotic stock fell nearly 24%, according to the complaint.
The investigation also concerns possible insider trading by company officers, directors, or controlling shareholders.
In the past six months, SYM stock price is down 43%.
If you own Symbotic Inc. (NASDAQ: SYM), please contact Fletcher Moore by email at fletcher@fmoorelaw.com or (212) 709-8245.
ABOUT MOORE LAW PLLC
Moore Law is a NYC plaintiff litigation law firm for investors. We hold officers and directors accountable for breaches of fiduciary duty, fraud, insider trading, wasteful spending, and other corporate malfeasance. There is no cost to you. Our investor cases are contingency only.
Fletcher Moore, Esq.
Moore Law, PLLC
fletcher@fmoorelaw.com
www.fmoorelaw.com
Source: Moore Law, PLLC
