LOS ANGELES--(BUSINESS WIRE)--National securities litigation law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of 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.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Symantec investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 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.
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If you purchased shares of Symantec during the Class Period you may move the Court no later than July 16, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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