Symbotic Inc.
Case Overview
20 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 10/15/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Symbotic Inc. |
Court: | Court: District of Massachusetts |
Case Number: | Case Number: 1:24cv12090 |
Class Period: | Class Period: 05/06/2024 - 07/29/2024 |
Ticker: | Ticker: SYM |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Symbotic Inc. (“Symbiotic” or the “Company”) (NASDAQ: SYM) securities during the period of May 6, 2024 to July 29, 2024, inclusive (“the Class Period”). Investors have until October 15, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, on July 29, 2024, Symbotic announced their third quarter 2024 financial results and then lowered its revenue guidance for the fourth quarter and full fiscal year 2024. Symbotic attributed their change in guidance to "schedule growth and higher labor costs during the quarter." Analysts commenting on the stock questioned when management first knew and responded to the issues. Following this news, Symbotic's stock price opened at $26.36 per share the following day, or approximately 25% below the previous day's close of $35.63 per share.
According to the lawsuit, on July 29, 2024, Symbotic announced their third quarter 2024 financial results and then lowered its revenue guidance for the fourth quarter and full fiscal year 2024. Symbotic attributed their change in guidance to "schedule growth and higher labor costs during the quarter." Analysts commenting on the stock questioned when management first knew and responded to the issues. Following this news, Symbotic's stock price opened at $26.36 per share the following day, or approximately 25% below the previous day's close of $35.63 per share.