Pomerantz LLP announces that a class action lawsuit has been filed
against Symantec Corporation (“Symantec” or the “Company”) (NASDAQ:
SYMC) and certain of its officers. The class action, filed in United
States District Court, Northern District of California, and docketed
under 18-cv-03152, is on behalf of a class consisting of investors who
purchased or otherwise, acquired securities of Symantec between May 19,
2017 and May 10, 2018, both dates inclusive (the “Class Period”).
Plaintiff seeks to recover compensable damages caused by Defendants’
violations of the federal securities laws and to pursue remedies under
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the
“Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Symantec securities between May
19, 2017, and May 10, 2018, both dates inclusive, you have until July
16, 2018, to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at email@example.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
here to join this class action]
Symantec Corporation 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
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