Symantec’s stock jumps after audit committee completes probe; restatement not expected
Shares of Symantec Corp. SYMC, +0.97% shot up 4.8% in premarket trade Monday, after the cybersecurity company said that after its audit committee completed its investigation, the company doesn’t expect a restatement of results. The audit committee noted "relatively weak and informal processes" regarding some aspects of the review, approval and tracking of transition and transformation expenses. The company has adopted the committee’s recommendation to appoint a chief accounting officer, a chief compliance officer, enhancing the code of conduct and adopting certain enhanced controls. Symantec said no employment actions were recommended. The stock had tumbled 25.5% year to date through Friday, while the S&P 500 SPX, -0.04% has gained 9.6%.
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