Globe Newswire 17-May-2018 8:00 PM
RADNOR, Pa., May 17, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Symantec Corp. (NASDAQ:SYMC) ("Symantec" or the "Company") on behalf of purchasers of the Company's securities between May 20, 2017 and May 10, 2018, inclusive (the "Class Period").
IMPORTANT DEADLINE: Investors who purchased Symantec securities during the Class Period may, no later than July 16, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Symantec investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 prior to the deadline to discuss their legal rights and options. Additional information about this action may also be found at www.kaskelalaw.com/case/symantec.
On May 10, 2018, Symantec disclosed that the "Audit Committee of the Board of Directors has commenced an internal investigation in connection with concerns raised by a former employee," and that the Company "has voluntarily contacted the Securities and Exchange Commission to advise it that an internal investigation is underway." Additionally, Symantec disclosed that "[t]he Company's financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation," and further, 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."
Following this news, shares of the Company's stock declined in value by $9.66 per share, or over 33%, to close on May 11, 2018 at $19.52, on heavy trading volume.
The shareholder class action complaint alleges that Symantec and certain of its senior executive officers made false and misleading statements, and failed to disclose to investors 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; (iii) as a result, Symantec's public statements were materially false and misleading at all relevant times. The complaint further alleges that, as a result of the foregoing, investors purchased Symantec's securities at artificially inflated prices during the Class Period and suffered investment losses following the Company's May 10, 2018 disclosures.
Symantec investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via www.kaskelalaw.com/case/symantec, to discuss their legal rights and options with respect to this action prior to July 16, 2018.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Radnor, PA 19087
(484) 258 – 1585
(888) 715 – 1740
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