Home Market Symantec shares suffer big fall after internal probe announced

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

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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.

 

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