Symantec Corporation $850,000 Securities Settlement

If you purchased or acquired Symantec Corporation's publicly traded common stock through the Symantec Corporation Employee Stock Purchase Plan (ESPP) between May 22, 2015, and May 10, 2018, you may be eligible to claim a portion of an $850,000 award from a class action settlement.

Symantec Corporation, now known as Gen Digital Inc., has agreed to pay $850,000 to settle a class action lawsuit for alleged violations related to its financial reporting and internal controls.

Who are the class members?

To be a class member, you:

• Purchased or acquired Symantec common stock through the ESPP between May 22, 2015, and May 10, 2018
• Suffered financial losses

How much can class members get?

The settlement fund of $850,000 will be distributed among eligible class members. The amount each class member receives will depend on their recognized loss.

The recognized losses of all class members will be totaled to yield the plan's total loss. Each class member's share of the settlement will be calculated by dividing their recognized loss by the plan's total loss and then multiplying by the Net Settlement Fund.

Class members do not need to take any action to receive their compensation. Payments will be sent automatically to the last address on file with the plan.

Payment methods

Class members can receive their payments via check or electronic transfer.

Important dates

• Fairness Hearing: December 4, 2024
• Deadline to Object to Settlement: November 13, 2024

When is the Symantec Corporation Settlement payout date?

The Settlement Fairness Hearing on December 4, 2024, where the court will decide whether to approve the settlement. If approved, payments will be distributed to class members shortly thereafter.

Why is there a class action settlement?

The class action lawsuit was filed due to alleged violations of the Securities Act of 1933 by Symantec Corporation. The company was accused of making false and misleading statements about its financial reporting and internal controls. The parties agreed to settle to avoid the risks and costs associated with continued litigation.