MILWAUKEE, Feb. 4, 2014 (GLOBE NEWSWIRE) -- We are investigating Symantec Corp. ("Symantec" or the "Company") and its Board of Directors in connection with the Company's failure to comply with federal and state regulations and requesting that the Board improve the company's governance and internal controls so as to avoid such violations going forward.
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Early in 2013, Symantec was informed that the federal government was investigating Symantec's compliance with the Fair Claims Act, including provisions relating to pricing, country of origin, accessibility, and the disclosure of commercial sales practices. Symantec's sales under its federal contract were approximately $210 million from the period beginning January 2007 and ending December 2011. In January 2014 the government presented an initial analysis of actual damages exposure in the amount of approximately $145 million. Symantec is evaluating the government's initial analysis and is accruing for potential losses for violations of the False Claims Act, which could be material to its results of operations and cash flows for any period. Resolution of False Claims Act investigations can ultimately result in the payment of somewhere between one and three times the actual damages proven by the government, plus civil penalties.
If you have owned common stock in Symantec since January 2013 or earlier and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/symantec-corp.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP