Symantec Securities Litigation

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Symantec Securities Litigation
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CLASS NOTICE: On October 28, 2022, the Claims Administrator conducted the initial distribution of settlement funds to eligible claimants, as approved by order of the Court.


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.

Please read the Notice to fully understand your rights and options.

The deadline for submitting a Claim Form to receive a payment under the Settlement was March 10, 2022.

The Claims Administrator has completed the processing of Claims received and, on July 19, 2022, Lead Plaintiff filed its Unopposed Motion for Approval of Distribution Plan (“Distribution Motion”), which, among other things, asked the Court to approve the determinations of the Claims Administrator accepting and rejecting the Claims submitted and allow a distribution of the Net Settlement Fund to eligible claimants.

On September 28, 2022, the Court entered an Order approving the Distribution Motion and authorizing the Claims Administrator to distribute the Net Settlement Fund to eligible claimants.  The Claims Administrator expects to conduct this distribution in late October or early November 2022.

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. 

 

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