Symbotic (SYM) Shares Crash After Admitting Improper Revenue Recognition – Hagens Berman

/EIN News/ -- SAN FRANCISCO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (NASDAQ: SYM) shares crashed over 40% lower intraday on Nov. 27, 2024 after the company notified investors that it would not time file its annual report and warned investors against relying on certain previously filed financial statements with the U.S. Securities and Exchange Commission.

Hagens Berman has opened an investigation and urges investors in Symbotic shares and suffered substantial losses to submit your losses now.

Visit: www.hbsslaw.com/investor-fraud/sym
Contact the Firm Now: SYM@hbsslaw.com
                                           844-916-0895

Investigation Into Symbotic Inc. (SYM):

The investigation is focused on Symbotic’s repeated assurances, most recently on July 31, 2024, that its financial statements complied with applicable accounting rules and that its internal control over financial reporting was adequate.

Symbotic’s assurances came under question on Nov. 27, 2024, when the company revealed that it would be required to restate its previously filed financial statements for the first, second, and third quarters of fiscal 2024 because it had accelerated recognition of revenue.

More specifically, the Company revealed, it “identified errors in its revenue recognition related to cost overruns that will not be billable on certain deployments, which additionally impacted system revenue recognized in the second, third, and fourth quarters of fiscal year 2024.” The adverse impacts of Symbotic’s restatements are currently estimated to reduce system revenue and other important financial metrics by $30 to $40 million for fiscal year 2024.

In addition, Symbotic said it would not timely file its annual report and admitted to material weaknesses in its internal control over financial reporting.

“We’re focused on whether Symbotic’s admitted accounting errors were intentional to make the company appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Symbotic and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Symbotic investigation, read more »

Whistleblowers: Persons with non-public information regarding Symbotic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SYM@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895