Menu
Symantec investigates internal accounting measures

Symantec investigates internal accounting measures

Investigation commenced following "concerns" raised by a former employee

Symantec is investigating the reporting of certain accounting measures including those that could impact executive compensation and some forward-looking statements, but added it does not see a material impact on its past financial statements from the probe.

The Norton anti-virus maker said the investigation, which commenced following "concerns" raised by a former employee, will also look into stock trading plans and the company's public disclosures including commentary on historical financial results.

Symantec CEO Gregory Clark on an investor call said the company has put on hold all discretionary and performance-based compensation for named executive officers until the investigation concludes.

When asked for more details, Clark said he "can't answer any questions about the investigation."

“The investigation is in its early stages and the company cannot predict the duration or outcome of the investigation,” a company statement read.

The vendor said its audit committee had hired an independent counsel and other advisers to assist in the investigation.

The Norton anti-virus maker's shares, which closed up about 10 per cent in regular trading, rose marginally in extended trading.

About US$6 billion in market value was wiped out on Friday, a day after the company disclosed the whistleblower probe in its quarterly earnings report without providing further details.

(Reporting by Munsif Vengattil and Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags symantec

Featured

Slideshows

Ingram Micro maintains Showcase 2018 momentum in Wellington

Ingram Micro maintains Showcase 2018 momentum in Wellington

Ingram Micro maintained Showcase 2018 momentum in Wellington, hosting more than 40 vendors at TSB Arena. Under the banner of Leading the Way, the event demonstrated what’s new, what’s next and how it can be used to improve business and everyday life.

Ingram Micro maintains Showcase 2018 momentum in Wellington
Ingram Micro launches Showcase 2018 in Christchurch

Ingram Micro launches Showcase 2018 in Christchurch

Ingram Micro kickstarted Showcase 2018 in Christchurch, hosting more than 40 vendors at Horncastle Arena. Under the banner of Leading the Way, the event demonstrated what’s new, what’s next and how it can be used to improve business and everyday life.

Ingram Micro launches Showcase 2018 in Christchurch
Data breach notification laws in NZ: How can partners prepare?

Data breach notification laws in NZ: How can partners prepare?

This exclusive Reseller News Roundtable outlined the responsibilities facing security partners today, assessing risk while evaluating the role of the vendor in providing added layers of protection.

Data breach notification laws in NZ: How can partners prepare?
Show Comments