SAN FRANCISCO, CA – The law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Symantec Corporation (“Symantec” or the “Company”) (Nasdaq: SYMC) between May 19, 2017 and May 10, 2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired Symantec securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 16, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Background on the Symantec Securities Class Litigation
Symantec, incorporated in Delaware and headquartered in Mountain View, California, provides cybersecurity solutions worldwide.
The action alleges that, during the Class Period, defendants Symantec, its Chief Executive Officer Gregory S. Clark, and its Chief Financial Officer Nicholas R. Noviello, 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 “reporting of certain Non-GAAP measures including those that could impact executive compensation programs” would provoke heightened regulatory scrutiny.
On May 10, 2018, after markets closed, the Company reported that it would likely need to delay the filing of its annual report for the fiscal year ended March 30, 2018 because its Audit Committee had begun an internal investigation related to concerns raised by a former employee. On this news, the price of Symantec shares fell $9.66 per share, or 33.1% from the previous closing price of $29.18, to close at $19.52 per share on May 11, 2018, on extremely heavy trading volume.
On May 14, 2018, after markets closed, Symantec disclosed details of the investigation, which involves the “Company’s public disclosures including commentary on historical financial results, its reporting of certain Non-GAAP measures including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans and retaliation.”
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP