Symbotic Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The investigation is centered on Symbotic’s repeated statements, most recently on July 31, 2024, assuring that its financial statements were in full compliance with relevant accounting standards and that its internal controls over financial reporting were sufficient.
However, these assurances were questioned on November 27, 2024, when the company disclosed that it would need to revise its previously submitted financial statements for the first three quarters of fiscal year 2024 due to the premature recognition of revenue.
In particular, the company disclosed that it had “identified errors in its revenue recognition related to cost overruns on certain deployments that would not be billable, which also affected system revenue recognized in the second, third, and fourth quarters of fiscal year 2024.” As a result, Symbotic’s restatement is expected to reduce system revenue and other key financial figures by $30 to $40 million for fiscal year 2024.
