SAN DIEGO & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Symantec Corporation (NasdaqGS: SYMC) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 20, 2017 and May 10, 2018. Symantec, together with its subsidiaries, provides cybersecurity solutions worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/symantec-corporation
Symantec Accused of Misrepresenting its Executive Compensation Policies
According to the complaint, Symantec misled investors by stating in its 2017 proxy statement that the company’s executive compensation programs provide "direct alignment with stockholders" and that the company uses "responsible pay policies to reinforce strong governance and enhance stockholder alignment." On May 10, 2018, Symantec revealed that it would be unable to timely file its annual report for the fiscal year ending March 30, 2018, because its Audit Committee was investigating concerns raised by a former employee. On this news, Symantec's stock plummeted over 33% to close at $19.52 per share on May 11, 2018. Symantec further admitted on May 14, 2018, that the investigation was focusing on a wide range of issues about the company's public disclosures on historical financial results, and its reporting of certain non-GAAP measures, including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans, and retaliation.
Symantec Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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