NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a federal class action lawsuit has been filed against Symantec Corporation (“Symantec” or the “Company”) (NASDAQ:SYMC) and certain of its officers, related to alleged violations of federal securities laws. If you purchased Symantec securities between May 20, 2017 and May 10, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Symantec provides security, storage, and systems management solutions.
The lawsuit alleges that 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 Securities and Exchange Commission (“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 SEC to advise of the investigation. The Company also 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.
What You Can Do
If you purchased Symantec stock between May 20, 2017 and May 10, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until July 16, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.