Symantec Securities Litigation

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Symantec Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

Lead Plaintiff SEB Investment Management AB (“SEB or “Lead Plaintiff”), on behalf of itself and the Court-certified Class, has settled this securities class action lawsuit (“Action”) for a total of $70,000,000 in cash (the “Settlement”).

On February 10, 2022, the Court held a hearing to consider final approval of the Settlement and related matters.   Following the hearing, the Court entered an order finally approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and awarding attorney's fees and litigation expenses. 

If you are a member of the Class and did not request exclusion, you are subject to the Settlement. The Class means the class certified in the Court’s Order on Motion for Class Certification dated May 8, 2020 (Dkt. No. 227). The Class consists of: 

all persons and entities who purchased or otherwise acquired publicly-traded Symantec common stock during the period from May 11, 2017, to August 2, 2018, inclusive (the “Class Period”), and who were damaged thereby.  

The Class includes all persons or entities who purchased or otherwise acquired Symantec common stock contemporaneously with sales of Symantec common stock made or caused by Defendant Clark during the Class Period.  The Class includes only persons and entities who purchased or otherwise acquired Symantec common stock during the Class Period.  The Class does not include persons and entities who only had sales of Symantec common stock during the Class Period or purchasers or sellers of other Symantec securities, if any.

Excluded from the Class by definition are Defendants; members of the Immediate Family of Defendant Clark; any person who was an officer or director of Symantec; any firm or entity in which any Defendant has or had a controlling interest; any person who participated in the wrongdoing alleged; Defendants’ liability insurance carriers; any affiliates, parents, or subsidiaries of Symantec; all Symantec plans that are covered by ERISA; and the legal representatives, heirs, beneficiaries, successors-in interest, or assigns of any excluded person or entity, in their respective capacity as such.  Also excluded from the Class are (i) all persons and entities who excluded themselves by submitting a request for exclusion from the Class as set forth in this list and (ii) the legal representatives, heirs, beneficiaries, successors-in interest, or assigns of such excluded persons or entities, in their respective capacity as such.  

To be eligible to receive a payment under the Settlement, you must submit a Claim Form postmarked (if mailed) or submitted online no later than March 10,2022. 

Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu on the left of this page.

Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

Please read the Notice carefully.  If you have questions, you may call the Symantec Securities Litigation Help Line at 1-800-949-0206 or email info@SymantecSecuritiesLitigation.com. 

 


IMPORTANT DEADLINE:

SUBMIT A CLAIM FORM POSTMARKED (IF MAILED) OR ONLINE NO LATER THAN MARCH 10, 2022


This is the only way to be eligible to receive a payment from the Settlement Fund.  If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiff’s Claims (defined in ¶ 38 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 39 of the Notice), so it is in your interest to submit a Claim Form.

DO NOTHING.

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.





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