Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Symantec Corporation (“Symantec” or “Company”) (NasdaqGS: SYMC) and several officers and directors for acts taken during the period of May 19, 2017 and May 10, 2018 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Symantec. If you are an affected Symantec shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued false and/or misleading statements and/or failed to disclose the following: (1) Symantec’s internal controls over financial reporting were materially weak and deficient; (2) Symantec 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 (3) 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 disclosed that its Audit Committee had commenced an investigation “in connection with concerns raised by a former employee” and that the Company had advised the Securities and Exchange Commission (“SEC”) of the investigation. Symantec 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.” When this news was revealed to the market, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.