Symantec announces internal investigation, weak outlook

2017. REUTERS  Thomas White  Illustration  File

The board's audit committee is investigating "concerns raised by a former employee", and the company's financial results and guidance could change as a result.

Hagens Berman Sobol Shapiro LLP alerts investors in Symantec Corporation (NASDAQ:SYMC) to the Firm's investigation into possible securities law violations in connection with matters which are the subject of an internal investigation by the Company's Audit Committee.

Symantec divulged few details about the investigation, aside from that the issue "does not relate to any security concern or breach with respect to our products or systems".

The investigation is in its early stages and unlikely to be completed to file the annual report in time, according to Symantec.

Symantec has contacted the Securities and Exchange Commission and plans to provide additional information to the SEC as the investigation proceeds.


"Because this is an ongoing matter, we will be unable to comment further on this topic during today's call and there will be no question-and-answer session following our prepared remarks", she added. On a non-GAAP basis, Symantec reported net income of $US310mln, or US$0.46 a share, up 68% from US$184mln, or US$0.28 a share, in the year-earlier quarter.

The California-based company forecast full-year revenue between $4.76 billion and $4.90 billion, missing analysts' average estimate of $4.93 billion, according to Thomson Reuters.

Revenue from the company's enterprise security unit, which accounts for most of its sales, fell 7.2%.

While Gartner Inc. predicts worldwide cybersecurity spending will rise 8 percent to $97 billion this year, Symantec is struggling with a decreasing number of people buying antivirus software for PCs, which historically has been a strong market.

Adjusted earnings were 46 cents per share in the fiscal fourth quarter, topping the analyst average estimate of 39 cents.

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