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Stock Market & Financial Investment News

News Breaks
February 4, 2014
07:45 EDTSYMCSymantec discloses potential damages up to $145M from contract probe
Symantec disclosed in a regulatory filing last night that during the first quarter of fiscal 2013, the company was advised by the Commercial Litigation Branch of the Department of Justice’s Civil Division and the Civil Division of the U.S. Attorney’s Office for the District of Columbia that the government was investigating its compliance with certain provisions of a U.S. General Services Administration Multiple Award Schedule Contract. In January 2014, the company met with representatives of the government who presented an initial analysis of its actual damages exposure in the amount of approximately $145M, Symantec said. The company noted: "We are currently in the process of evaluating the government’s initial analysis. It is possible that the investigation could lead to claims or findings of violations of the False Claims Act, and could be material to our 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 in some cases, depending upon a number of factors. As a result of these developments, we considered the need for an accrual for a potential loss. Considering the preliminary stage of the negotiated resolution process with the government, we are currently unable to determine a precise range of estimated losses resulting from this matter. However, we determined that the amount subject to accrual, representing our best estimate of the low end of such range, was not material to the company’s Condensed Consolidated Financial Statements."
News For SYMC From The Last 14 Days
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November 21, 2014
10:38 EDTSYMCJefferies says Microsoft, Salesforce.com, Symantec facing significant problems
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10:01 EDTSYMCOn The Fly: Analyst Initiation Summary
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06:02 EDTSYMCSymantec implied volatility of 18 at lower end of index mean range
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November 20, 2014
16:17 EDTSYMCSymantec initiated with an Underperform at Jefferies
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November 19, 2014
07:46 EDTSYMCSymantec, Hewlett-Packard announce DRaaS solution partnership
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07:40 EDTSYMCUBS to hold a conference
Global Technology Conference to be held in Sausalito, California on November 18-20 with webcasted company presentations to begin on November 19 at 10:45 am; not all company presentations may be webcasted.Webcast Link
November 17, 2014
06:48 EDTSYMCState Department hacked, NY Times reports
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November 16, 2014
19:34 EDTSYMCFinancial services firms plan $2B increase in cybersecurity spending, WSJ says
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November 12, 2014
15:08 EDTSYMCEarnings Preview: Cisco reports amid analyst debate on break-up potential
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November 11, 2014
10:00 EDTSYMCOn The Fly: Analyst Initiation Summary
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06:11 EDTSYMCSymantec initiated with a Neutral at Macquarie
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November 10, 2014
14:38 EDTSYMCU.S. Postal Service suffered cyberattack, NY Times reports
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