Home / Internet / Symantec stock tanks after warning its annual report may be delayed by probe – CNET

Symantec stock tanks after warning its annual report may be delayed by probe – CNET

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Symantec stocks plummeted more or less 20 % on Thursday after the antivirus maker warned an inside investigation may just lengthen its annual record.

The plunge adopted information that the audit committee of Symantec’s board had introduced an inside investigation into undescribed issues raised via a former worker. The probe is being aided via unbiased recommend and different advisers, the corporate mentioned in its fiscal fourth-quarter profits record. 

Symantec mentioned it had knowledgeable the USA Securities and Trade Fee of the probe and intends to proportion data amassed all over the investigation with the fee.

The cybersecurity corporate’s inventory fell greater than 20 % to $23.04 in after-hours buying and selling after the imaginable lengthen was once introduced. It had bounced again rather to $23.75 in fresh buying and selling.

“The investigation is in its early phases and the corporate can not expect the length or consequence of the investigation,” Symantec mentioned in its submitting. “The corporate’s monetary effects and steering could also be matter to switch in response to the end result of the Audit Committee investigation.”

The corporate mentioned it’s “not going” the probe might be completed in time for it to report its annual record for the fiscal 12 months ended March 30, 2018 in a “well timed method.”

The corporate, which makes the Norton Antivirus device, reported earnings of $1.2 billion for the three-month length ended March 30, an building up of 10 % year-over-year. Its internet loss shrank from $143 million within the 12 months in the past quarter to $35 million, or 6 cents a proportion.

Symantec declined to remark past data in its submitting.

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