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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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August 19, 2014
06:17 EDTSYMCSymantec turns attention to smartphones, connected devices, WSJ reports
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August 13, 2014
10:01 EDTSYMCOn The Fly: Analyst Initiation Summary
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August 12, 2014
16:27 EDTSYMCSymantec initiated with a Neutral at Piper Jaffray
Target $26.
August 11, 2014
15:24 EDTSYMCBloomberg to hold a summit
Silicon Valley 2014 Cybersecurity Summit to be held in Palo Alto, California on August 12.

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