Pomerantz LLP announces that a class action lawsuit has been filed against Symantec Corporation (“Symantec” or the “Company”) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 18-cv-03152, is on behalf of a class consisting of investors who purchased or otherwise, acquired securities of Symantec between May 19, 2017 and May 10, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Symantec securities between May 19, 2017, and May 10, 2018, both dates inclusive, you have until July 16, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Symantec Corporation provides security, storage, and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage, and control information risks related to security, data protection, storage, compliance, and management.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Symantec’s internal controls over financial reporting were materially weak and deficient; (ii) 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 SEC; and (iii) as a result, Symantec’s public statements were materially false and misleading at all relevant times.
On May 10, 2018, after the market closed, Symantec filed a Current Report on Form 8-K with the SEC, disclosing that its Audit Committee had commenced an investigation “in connection with concerns raised by a former employee” and that the Company had contacted the Securities and Exchange Commission (“SEC”) to advise the SEC of the investigation. The Company further disclosed that it was “unlikely that the investigation will be completed in time for the Company to file its annual report on Form 10-K for the fiscal year ended March 30, 2018, in a timely manner.”
On this news, Symantec’s share price fell $9.66, or 33.10%, to close at $19.52 on May 11, 2018.