Home Market Symantec shares suffer big fall after internal probe announced
Symantec shares tanked after news of the internal investigation. Symantec shares tanked after news of the internal investigation. Supplied Featured

The shares of US security firm Symantec Corporation fell by more than 20% on Thursday after the company said it had commenced an internal investigation in connection with what it said were "concerns raised by a former employee".

The company said its annual report could be delayed by the probe.

No further details were offered by Symantec, one of the bigger US security firms, which announced the investigation along with the its results for the fiscal fourth quarter and full-year 2018.

In its announcement, Symantec said: "The Audit Committee of the board of directors has commenced an internal investigation in connection with concerns raised by a former employee.

"The Audit Committee has retained independent counsel and other advisers to assist it in its investigation. The company has voluntarily contacted the Securities and Exchange Commission to advise it that an internal investigation is underway, and the Audit Committee intends to provide additional information to the SEC as the investigation proceeds.

"The investigation is in its early stages and the company cannot predict the duration or outcome of the investigation. The company’s financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation.

"It is 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."

Symantec reported revenue of US$1.2 billion for the fourth quarter, an increase of 10% year-over-year. Its net loss shrank from US$143 million in the year ago quarter to US$35 million.

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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