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 reached a proposed settlement of the above-captioned securities class action lawsuit (“Action”) for a total of $70,000,000 in cash that, if approved, will resolve all claims in the Action (the “Settlement”).

If you are a member of the Class, you are subject to the Settlement unless you timely request to be excluded from the Class.  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 previously submitting a request for exclusion from the Class in response to either of the Class Notices, (ii) all persons and entities who exclude themselves from the Class by submitting a request for exclusion in response to this Settlement Notice that is accepted by the Court, and (iii) the legal representatives, heirs, beneficiaries, successors-in interest, or assigns of such excluded persons or entities, in their respective capacity as such.  See page 16 of the Settlement Notice for more information about requesting exclusion from the Class.  If you previously requested exclusion from the Class, you do not need to do so again.  A list of all persons or entities who previously submitted a request for exclusion from the Class is available here.

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. 

 


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN 28 DAYS AFTER APPROVAL OF THE SETTLEMENT.  THE DEADLINE MAY BE AS EARLY AS MARCH 10, 2022

You do not need to wait until after the Court approves the Settlement, but may submit your Claim Form now or at any time before the deadline.

This website will be updated to inform Class Members when the Settlement is approved, and the final claim filing deadline.

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.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 13, 2022 AT MIDNIGHT PACIFIC TIME

If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement Fund or object to the Settlement.  This is the only option that may allow you to ever be part of any other lawsuit against Defendants or the Defendants’ Releasees concerning the Released Plaintiffs’ Claims.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 13, 2022 AT MIDNIGHT PACIFIC TIME.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Class Member and do not request exclusion.  If you object, you will still be bound by the orders of the Court, even if your objection is overruled.  If you object, you may still submit a Claim Form and will be eligible for a payment from the Settlement, if the Settlement is approved.

GO TO A HEARING ON FEBRUARY 10, 2022 AT 11:00 A.M. PACIFIC TIME, AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JANUARY 13, 2022.

Filing a written objection and notice of intention to appear by January 13, 2022 at midnight allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses.  In the Court’s discretion, the February 10, 2022 hearing may be conducted by telephone or video conference.  If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection.

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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