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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."
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September 15, 2014
18:25 EDTSYMCFinjan Holdings provides update on Federal Circuit Ruling in patent case
Finjan Holdings (FNJN) provides an update on the case Finjan, Inc. v. Symantec Corp. (SYMC), Websense (WBSN), Inc., Sophos. This patent infringement suit dates back to a legacy litigation filed on July 12, 2010, in the U.S. District Court for the District of Delaware against Symantec Corp., Websense, Inc., Sophos Inc., et al. During this time, two of the five defendants settled; for the three remaining defendants, Websense, Inc., Sophos Inc., and Symantec Corp., the verdict resulted in a finding of invalidity of certain asserted claims of Finjan's patents, U.S. Patent Nos. 6,092,194 and 6,480,962, and non-infringement of same, against the three parties. Finjan's Appeal Brief was filed on December 10, 2013, and the Oral Argument was heard on September 9, 2014. The Court of Appeals for the Federal Circuit issued a decision, affirming the District Court's prior ruling with no opinion, citing Federal Circuit Rule 36. Rule 36 findings by the Court do not provide any additional insight or context into the Court's decision in the case. This CAFC ruling was the most recent outcome in the process to reverse the lower Court's finding of invalidity on claims in the two patents. The two patents in question are not at issue in any of six currently pending cases in the Northern District of California, including three separate actions involving the three remaining parties in the appeal, noted previously. "While we are disappointed with the Panel's finding, we continue to believe in the Court's ability to adjudicate complicated issues in patent cases," commented Julie Mar-Spinola, VP Legal Operations of Finjan. "The two patents in question represent a small number – two of twenty –currently involved in our licensing and enforcement program related to Finjan's pioneering cybersecurity related technologies." Finjan has also filed patent infringement lawsuits against FireEye, Inc., Blue Coat, Inc., Websense, Inc., Sophos Inc. and Symantec Corp. relating to, collectively, more than 20 patents in the Finjan portfolio. The company will continue to provide timely updates of important events relating to these matters on an on-going basis.
09:59 EDTSYMCOn The Fly: Analyst Downgrade Summary
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06:06 EDTSYMCSymantec downgraded to Sector Perform from Outperform at RBC Capital
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September 11, 2014
14:16 EDTSYMCSymantec downgraded to Hold from Buy at Standpoint Research
September 10, 2014
07:24 EDTSYMCSymantec coverage assumed with a Neutral at MKM Partners
Target $24.

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