Class action suit filed against Symantec Corporation and its officers and directors alleging misrepresentations, false financial statements and insider trading.
SAN DIEGO--(BUSINESS WIRE)--Aug. 14, 1996--An amended class action complaint has been filed in the California Superior Court for Santa Clara Santa Clara, city, Cuba
Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. County by plaintiffs Steven Cooperman, Eric D. Freed IRA Ira, in the Bible
Ira (ī`rə), in the Bible.
1 Chief officer of David.
3 Two of David's guard.
IRA. and Joseph R. Molinari, Jr. on behalf of purchasers of Symantec Corporation ("Symantec") common stock during the period June 9, 1995 to January 8, 1996.
The amended complaint amended complaint n. what results when the party suing (plaintiff or petitioner) changes the complaint he/she has filed. It must be in writing, and can be done before the complaint is served on any defendant, by agreement between the parties (usually their lawyers), charges that during the Class Period, defendants engaged in a fraudulent scheme Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit
illegitimate enterprise, racket , conspiracy and course of business that operated as a fraud or deceit on all persons who purchased or otherwise acquired Symantec stock. Defendants' false and misleading statements were made in or disseminated from California to the general public. As set forth hereafter, these false and misleading statements included statements about (1) Symantec's new Windows 95-related utility software products known as Norton Navigator An earlier Windows 95 file management and desktop utility from Symantec. It was the successor to Norton Desktop for Windows 3.x and provided multiple desktops and enhanced file manipulation, but omitted the backup and antivirus functions. , Norton AntiVirus A popular antivirus program from Symantec. The AntiVirus function is available as a separate product for home and business users or as part of various packages that contain other utilities such as Norton SystemWorks and Norton Internet Security. See Norton Utilities. and Norton Utilities; (2) Symantec's Enterprise products; (3) Symantec's sales in Europe; and (4) other aspects of Symantec's business. Furthermore, Symantec's financial statements for its first and second quarters of fiscal 1996 (ended June 30 and September 29, 1995) were false and misleading in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.
Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . These false and misleading statements drove Symantec's stock to a Class Period high of $33-1/4 and enabled (i) Symantec to complete in November 1995 a large acquisition of another software company, Delrina Inc. for 15 million shares of Symantec stock; and (ii) Symantec's insiders to sell 392,902 shares of their Symantec stock at artificially inflated prices as high as $32 per share, realizing almost $12 million for themselves, before it was exposed that European sales were weak, sales of Symantec's Windows 95 utility software and Enterprise products were very poor and that, due to huge product returns, Symantec would suffer flat revenue growth in its third quarter of fiscal 1996 (ended December 31, 1995), resulting in a loss, causing its stock to collapse from $22-1/2 to $10-1/8 per share, in just four trading days, on huge volume of 27 million shares -- over 67% of Symantec's public float.
Plaintiffs who have sued seek to recover damages on behalf of all purchasers of Symantec common stock during the Class Period. They are represented by two law firms, Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol and Kaplan, Kilsheimer & Fox, LLP, who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , San Diego, San Francisco and Los Angeles and is active in major litigations pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach of Milberg Weiss at 800/348-6192 or Robert N. Kaplan of Kaplan Kilsheimer at 800/290-1952.
CONTACT: Milberg Weiss
William Lerach, 800/348-6192
Robert N. Kaplan, 800/290-1952