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SYM.US
id: 1311
Symbotic (SYM) Growth And Expenses Issues Case
D. Massachusetts
Court1:24-cv-12090
Case number06 May 2024
Class period Start29 Jul 2024
Class period End15 Oct 2024
Lead Plaintiff motion deadline- $SYM stockholders filed a claim against Symbotic for misleading them about its growth and expenses.
- After the financial results on July 29, 2024, $SYM fell by 25%.
- Symbotic investors can join this case to be notified about potential recovery.
Case Details:
On July 29, 2024, Symbotic released its third-quarter results, which missed expectations due to lower-than-expected gross margins.
The company's adjusted EBITDA came in at $15 million, falling $13 million short of its earlier forecast, a drop of over 46%.
Symbotic blamed the cut on slower growth and increased labor costs during the quarter.
Following this news, $SYM fell by more than 25%.
Based on these events, a $SYM stockholder filed a claim against Symbotic and its leaders, accusing them of the following:
- Symbotic’s reports of growth and stability didn’t match the reality.
- The company struggled to manage delays and control costs effectively.
Considering all the representations, investors suspect Symbotic misled them about the growth and expense management.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 July 2024
Filing date
14 August 2024
Lead Plaintiff Deadline
15 October 2024
Judge
M. Page Kelley