NEW YORK, June 29, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Symantec Corporation (“Symantec” or the “Company”) (NASDAQ:SYMC) of the July 16, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Symantec stock or options between May 20, 2017 and May 10, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/SYMC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Symantec securities between May 20, 2017 and May 10, 2018 (the “Class Period”). The case, Felix v. Symantec Corporation et al, No. 3:18-cv-02902 was filed on May 17, 2018 and has been assigned to Judge William Haskell Alsup.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Symantec’s internal controls over financial reporting were materially weak and deficient; (2) 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 Securities and Exchange Commission; and (3) as a result, the Company’s public statements were materially false and misleading.
Specifically, on May 10, 2018, after market-close, the Company reported it would likely have to delay the filing of its annual report for the fiscal year ended March 30, 2018 because its Audit Committee “commenced an internal investigation in connection with concerns raised by a former employee.”
After the announcement, Symantec’s share price fell from $29.18 per share on May 10, 2018 to a closing price of $19.52 on May 11, 2018—a $9.66 or a 33.10% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Symantec’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.