Symbotic CEO Sued by Shareholders Over Alleged False Statements

Symbotic Inc. chief executive Richard B. Cohen and other company directors were hit with a lawsuit Wednesday claiming they made misleadingly positive statements about the supply chain automation company’s financial health to stockholders.

The derivative complaint was filed by two Symbotic shareholders, Mukesh Kukreja and Timothy Welsh, in the US District Court for the District of Massachusetts.

In a 2024 proxy statement and on an earnings call, Symbotics executives indicated the company was on a path toward improved profitability, the complaint says. But in July the company released information showing a net loss of $14 million, and its stock price ...