SYMANTEC INVESTORS REMINDER: Lieff Cabraser Reminds Investors of Deadline in Class Action Against Symantec Corporation
Jul. 05, 2018
SAN FRANCISCO--(BUSINESS WIRE)--Jul 5, 2018--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in the class action litigation that 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.
Symantec investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
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 15 years. In compiling the list, the NLJ examines recent verdicts and settlements and looks for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 selected Lieff Cabraser as one of the “Top 50 Law Firms Nationwide for Litigation,” highlighting our firm’s “laser focus” and noting that Lieff Cabraser routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” The publication separately named our firm one of five “2017 California Powerhouses,” the only plaintiffs' firm on the list. Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” from 2012 through 2016, and the firm has received a number of other recent honors, awards, and recognition, including the National Law Journal’s “Elite Trial Lawyers,” Law360’s “Most Feared Plaintiffs’ Firms,” and Benchmark Litigation's “Top 10 Plaintiffs Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180705005054/en/
CONTACT: Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
Copyright Business Wire 2018.
PUB: 07/05/2018 09:04 AM/DISC: 07/05/2018 09:03 AM