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Symantec Is Conducting an Internal Investigation As Shares Take a Tumble

Something is happening at Symantec. But exactly what and how it could impact the company is unclear.

In a press release announcing its 2018 Fiscal Year performance on Thursday, Symantec revealed that its Audit Committee of the Board of Directors has launched an internal investigation into a “concerns raised by a former employee.” The committee hired “independent counsel” as part of the investigation and contacted the Securities and Exchange Commission (SEC) to inform the regulatory body about the investigation.

“The Company’s financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation,” Symantec said in its statement.

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Symantec provided no details on what the former employee has said and what it might mean for the company. In a conference call, however, Symantec, one of the top security companies in the technology industry, said that the investigation doesn’t involve a data breach or any problems with its software or services.

Despite sound financial performance during the last fiscal year, which saw revenue jump 21% to $4.8 billion year over year and earnings per share hit $1.74, compared to a 17-cent loss during the previous fiscal year, shareholders appear most concerned about the investigation and its possible implications on the company’s performance. In pre-market trading, Symantec shares were down 30.4% to $20.30.

Symantec didn’t say when the audit committee’s investigation would be completed. The company did, however, caution that it likely won’t be done in time for Symantec to file its 10-K annual report.

Despite the investigation, Symantec declared a quarterly cash dividend of 7.5 cents on Thursday.