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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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March 25, 2015
08:54 EDTSYMCNetApp Arista among potential takeover targets for EMC, says RBC Capital
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March 20, 2015
15:40 EDTSYMCMore cybersecurity firms to come public amid high market demand, Reuters says
With shares of publicly traded cybersecurity companies having recently outperformed the market, a number of privately-held IT security names, including Rapid7, LogRythm and Mimecast, plan to go public in 2015 amid the high level of investor interest, said Reuters, citing people familiar with the matter. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
March 13, 2015
09:12 EDTSYMCVista exploring sale of cybersecurity company Websense, Bloomberg says
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