What is going on at Symantec?
The cybersecurity company lost billions in valuation on Thursday and Friday after telling analysts there is an investigation underway and the company may have to re-state results down the road.
Symantec statement on internal investigation
Here is the Symantec statement, in total, from its SEC filing:
"The Audit Committee of the Board of Directors has commenced an internal investigation in connection with concerns raised by a former employee. The Audit Committee has retained independent counsel and other advisors to assist it in its investigation. The Company has voluntarily contacted the Securities and Exchange Commission to advise it that an internal investigation is underway, and the Audit Committee intends to provide additional information to the SEC as the investigation proceeds. The investigation is in its early stages and the Company cannot predict the duration or outcome of the investigation. The Company’s financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation."
The company refused to answer questions about the probe, but The Register reports that this does not appear to be breach related:
"The company’s veep for investor relations Cynthia Hiponia told a Thursday May 10th earnings call 'The investigation does not relate to any security concern or breach with respect to our products or systems.'"
