Symantec Corporation (NASDAQ: SYMC)
Hagens Berman Sobol Shapiro LLP alerts investors in Symantec Corporation (NASDAQ: SYMC) to the the July 16, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Northern District of California.
If you purchased or otherwise acquired securities of SYMC between May 19, 2017 and May 10, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SYMC@hbsslaw.com.
On May 10, 2018 Symantec and senior management announced its financial results and forecast could change based on the outcome of an internal investigation that was initiated after concerns were raised by a former employee.
More specifically, Defendants stated Symantec’s audit committee retained independent counsel and other advisers to assist in the investigation, and it contacted the SEC concerning the matter.
This news drove the price of Symantec shares down as much as $5.78, or nearly 20%, during extended hours trading.
Recently, on May 14, 2018, Defendants disclosed that the internal investigation concerns their disclosures including commentary on historical financial results, reporting of certain non-GAAP measures (including those that could impact executive compensation programs), stock trading plans and other matters.
And, on May 30, 2018, Defendants disclosed Symantec would not timely file its annual financial statements for the fiscal year ended March 30, 2018 as a result of the investigation.
“We’re focused on investors’ losses, whether Symantec and senior officers knowingly violated non-GAAP or other disclosure rules and, if so, whether they improperly benefitted from doing so,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Symantec 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 510-725-3000 or email SYMC@hbsslaw.com.
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