RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Symantec Corporation (“Symantec” or the “Company”) (NASDAQ: SYMC) publicly traded securities between May 19, 2017 and May 10, 2018, inclusive (the “Class Period”).
Symantec shareholders may, no later than July 16, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Symantec and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Symantec provides security, storage, and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage, and control information risks related to security, data protection, storage, compliance, and management.
The Complaint 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 filed a Current Report on Form 8-K with the 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 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 $9.66, or 33.10%, to close at $19.52 on May 11, 2018.
If you are a member of the class, you may, no later than July 16, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.