SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Symantec Corporation (“Symantec” or the “Company”) (NASDAQ: SYMC) breached their fiduciary duties to Symantec and its shareholders. If you are a Symantec shareholder, you are encouraged to contact Amber Eck at (619) 342-8000 or ambere@haelaw.com for additional information.
A federal class action lawsuit alleges that Symantec made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, the directors and officers made false and/or misleading statements and/or failed to disclose that: (1) Symantec’s internal controls over financial reporting were materially weak and deficient; and (2) 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.
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 are a Symantec shareholder, you may have claims against the Company’s directors and officers. If you wish to discuss this notice or if you have questions about this notice or your legal rights, please contact Amber Eck at 619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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