- Company Name
- Symantec Corporation
- Stock Symbol
- Class Period
- May 20, 2017 to May 10, 2018
- Motion Deadline
- July 16, 2018
- Northern District of California
The complaint charges Symantec and certain of its officers with violations of the Securities Exchange Act of 1934. Symantec provides cybersecurity solutions worldwide.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Symantec’s internal controls over financial reporting were materially weak and deficient; (2) Symantec’s later disclosed “reporting of certain Non-GAAP measures including those that could impact executive compensation programs” would lead to heightened regulatory scrutiny by the U.S. Securities and Exchange Commission (“SEC”); and (3) as a result, Symantec’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On May 10, 2018, Symantec announced it will likely not be able to file its Form 10-K for the year ended March 31, 2018 due to an internal investigation started in reaction to concerns raised by a former employee. The concerns had to do with the Company’s commentary about the Company’s historical financial results and with non-GAAP measures included in the Company’s SEC filings.
On this news, Symantec’s stock price dropped 33%.