Symantec Corporation (SYMC) Accused of Misrepresenting its Executive Compensation Policies

According to the complaint, Symantec Corporation misled investors by stating in its 2017 proxy statement that the company’s executive compensation programs provide "direct alignment with stockholders" and that the company uses "responsible pay policies to reinforce strong governance and enhance stockholder alignment." On May 10, 2018, Symantec revealed that it would be unable to timely file its annual report for the fiscal year ending March 30, 2018, because its Audit Committee was investigating concerns raised by a former employee. On this news, Symantec's stock plummeted over 33% to close at $19.52 per share on May 11, 2018. Symantec further admitted on May 14, 2018, that the investigation was focusing on a wide range of issues about the company's public disclosures on historical financial results, and its reporting of certain non-GAAP measures, including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans, and retaliation.

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