Bernstein Litowitz Berger & Grossmann LLP Announces Supplemental Notice of Pendency of Class Action on Behalf of Purchasers of Symantec Corporation Common Stock

Jun 10, 2021 2:04 PM ET

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UNITED STATES DISTRICT COURT


NORTHERN DISTRICT OF CALIFORNIA


 


 

Case No.  3:18-cv-02902-WHA


 

SEB INVESTMENT MANAGEMENT AB,
individually and on behalf of all other
similarly situated,


Plaintiffs,


v.


SYMANTEC CORPORATION and
GREGORY S. CLARK,


Defendants


   
     




SUMMARY SUPPLEMENTAL NOTICE OF PENDENCY OF CLASS ACTION


To: All persons and entities who purchased or otherwise acquired publicly-traded common stock of Symantec Corporation ("Symantec") during the period from May 11, 2017, to August 2, 2018, inclusive (the "Class Period"), and who were damaged thereby (the "Class").


YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California that the above-captioned action (the "Action") has been certified to proceed as a class action on behalf of the Class as defined above. 


In the Action, Lead Plaintiff alleges that Defendants Symantec Corporation (now known as NortonLifeLock Inc.) and Gregory S. Clark defrauded shareholders by manipulating Symantec's financial reports to create the illusion of stronger-than-actual financial performance and outlook for fiscal years 2017 and 2018, and that Defendant Clark engaged in insider trading by selling shares of Symantec common stock during the Class Period while in possession of material, non-public information in violation of federal securities laws.  Defendants deny all of Lead Plaintiff's allegations, and deny any wrongdoing or violation of law.  Please note:  at this time, there is no judgment, settlement, or monetary recovery. 


All persons and entities who were identified as potential members of the Class were previously mailed a Notice of Pendency of Class Action dated June 26, 2020 (the "Original Class Notice") during the summer of 2020.  If you did not receive the Original Class Notice, a copy is available at www.SymantecSecuritiesLitigation.com or you can obtain one by calling 1-800-949-0026.  As set forth in the Original Class Notice, Class Members had the opportunity to request exclusion from the Class if they submitted such a request postmarked by August 25, 2020.


In April 2021, the Court ordered that a Supplemental Notice be mailed to all Class Members in order (a) to inform Class Members of the circumstances described in a recent order of the Court dated April 20, 2021, including that Class Counsel hired Hans Ek, the former Deputy Chief Executive Officer of Lead Plaintiff SEB Investment Management AB; and (b) to provide Class Members with a second opportunity to request exclusion from the Class.  The Supplemental Notice includes the full text of the Court's April 20, 2021 order.  If you have not received a copy of the Supplemental Notice you can obtain one at www.SymantecSecuritiesLitigation.com or by contacting the Notice Administrator at:


Symantec Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173106
Milwaukee, WI 53217
1-800-949-0206


Inquiries, other than requests for the Original Class Notice and Supplemental Notice, may be made to the following contact information for Class Counsel:


If you are a Class Member, you have a second opportunity to decide whether to remain a member of the Class.  If you want to remain a member of the Class, you do not need to do anything at this time other than to retain your documentation reflecting your transactions and holdings in Symantec common stock.  If you are a Class Member and do not exclude yourself from the Class, you will be bound by the proceedings in this Action, including all past, present, and future orders and judgments of the Court, whether favorable or unfavorable.  If you move, or if the Notice was mailed to an old or incorrect address, please send the Notice Administrator written notification of your new address.


Symantec Securities Litigation
[email protected]
BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP

1251 Avenue of the Americas
New York, NY 10020
1-800-380-8496


If you ask to be excluded from the Class, you will not be bound by any order or judgment of this Court in this Action, however you will not be eligible to receive a share of any money which might be recovered for the benefit of the Class.  If you wish to exclude yourself from the Class, you must submit a written request for exclusion postmarked no later than July 2, 2021, in accordance with the instructions set forth in the Supplemental Notice.  PLEASE NOTE: if you previously requested exclusion from the Class in response to the Original Class Notice, you do NOT need to re submit your request.  A list of the persons and entities who previously requested exclusion from the Class ("List of Previous Opt-Outs") is available at www.SymantecSecuritiesLitigation.com.


Further information regarding this notice may be obtained by writing to the Notice Administrator at the address provided above.


PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.


BY ORDER OF THE COURT:
United States District Court for the
Northern District of California

URL : http://blbglaw.com

Contact Information:

Symantec Securities Litigation
blbg@blbglaw.com
BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP


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