Market Overview

Symantec Receives Notification of Deficiency from Nasdaq Related to Delayed Quarterly Report on Form 10-Q

Share:

Symantec Corp. (NASDAQ:SYMC) received on August 10, 2018 a standard
notice from Nasdaq stating that, as a result of not having timely filed
its quarterly report on Form 10-Q for the quarterly period ended June
29, 2018, Symantec is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires timely filing of periodic financial reports
with the Securities and Exchange Commission.

The Nasdaq notice has no immediate effect on the listing or trading of
Symantec's common stock on the Nasdaq Global Select Market. As
previously announced, Symantec received a notice of non-compliance from
Nasdaq on May 31, 2018 due to delay in the filing of Symantec's annual
report on Form 10-K for the fiscal year ended March 30, 2018 (the "Form
10-K"). Under Nasdaq's listing rules, Symantec was permitted to submit
to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules.
Symantec previously submitted such a plan to the Nasdaq Staff, and
Nasdaq has granted Symantec until November 26, 2018 to regain compliance.

About Symantec

Symantec Corporation (NASDAQ:SYMC), the world's leading cyber security
company, helps organizations, governments and people secure their most
important data wherever it lives. Organizations across the world look to
Symantec for strategic, integrated solutions to defend against
sophisticated attacks across endpoints, cloud and infrastructure.
Likewise, a global community of more than 50 million people and families
rely on Symantec's Norton and LifeLock product suites to protect their
digital lives at home and across their devices. Symantec operates one of
the world's largest civilian cyber intelligence networks, allowing it to
see and protect against the most advanced threats. For additional
information, please visit www.symantec.com
or connect with us on Facebook, Twitter, and LinkedIn.

Forward-Looking Statements: This press release contains
statements which may be considered forward-looking within the meaning of
the U.S. federal securities laws, including Symantec's expectations as
to its ability to regain compliance with the Nasdaq continued listing
standards. These statements are subject to known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ materially
from results expressed or implied in this press release. Such risk
factors include, but are not limited to, risks relating to the ongoing
internal investigation by the Audit Committee, including: (i) the risk
that the internal investigation identifies errors, which may be
material, in Symantec's financial results, or impacts the timing of
Symantec's filings; (ii) the risk of legal proceedings or government
investigations relating to the subject of the internal investigation or
related matters; (iii) the timing of the review by, and the conclusions
of, Symantec's independent registered public accounting firm regarding
the internal review and Symantec's financial statements; (iv) the risk
that the completion and filing of the Form 10-Q and Form 10-K will take
longer than expected; and (v) the risk that Symantec will be unable to
meet the listing standards for the Nasdaq market. Actual results may
differ materially from those contained in the forward-looking statements
in this press release. Symantec assumes no obligation, and does not
intend, to update these forward-looking statements as a result of future
events or developments. Additional information concerning these and
other risk factors is contained in the Risk Factors sections of
Symantec's Forms 10-K and Forms 10-Q filed with the Securities and
Exchange Commission.

View Comments and Join the Discussion!