BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Symantec Corporation (“Symantec” or the “Company”) (NASDAQ: SYMC) securities between May 19, 2017 and May 10, 2018, inclusive (the “Class Period”). Symantec investors have until July 16, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Symantec investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
The complaint filed in this class action 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 disclosed 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 more than 33% to close at $19.52 per share on May 11, 2018, thereby injuring investors
If you purchased shares of Symantec during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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