Symantec Corporation (NASDAQ: SYMC) Investor Securities Class Action Lawsuit 05/17/2018

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Company Name(s): 
Symantec
Case Name: 
Symantec Shareholder Class Action Lawsuit 05/17/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: SYMC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/17/2018
Class Period Begin: 
05/20/2017
Class Period End: 
05/10/2018
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
07/16/2018
Summary: 

July 16, 2018 - Lead plaintiff motions were filed.

May 17, 2018 - An investor in shares of Symantec Corporation (NASDAQ: SYMC) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Symantec Corporation in connection with certain allegedly false and misleading statements made between May 20, 2017 and May 10, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Symantec Corporation (NASDAQ: SYMC) common shares between May 20, 2017 and May 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 20, 2017 and May 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Symantec Corporation’s internal controls over financial reporting were materially weak and deficient, that Symantec Corporation’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 Securities and Exchange Commission (“SEC”), and that as a result, Symantec Corporation’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Mountain View, CA based Symantec Corporation reported that its Total Revenue rose from over $4.01 billion for the 12 months period that ended on March 31, 2017 to over $4.84 billion for the 12 months period that ended on March 30, 2018 and that its Net Loss of $106 million for the 12 months period that ended on March 31, 2017 turned into a Net Income of over $1.16 billion for the 12 months period that ended on March 31, 2018.

On May 10, 2018, Symantec Corporation reported that its “Audit Committee of the Board of Directors has commenced an internal investigation in connection with concerns raised by a former employee.” Symantec Corporation disclosed that it voluntarily contacted the Securities and Exchange Commission (“SEC”) to advise it of the internal investigation. Symantec Corporation further reported that it “is 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.”

Shares of Symantec Corporation (NASDAQ: SYMC) declined to as low as $18.85 per share on May 11, 2018.