Los Angeles Times: Symantec stock dives 33% as mystery investigation has people imagining the worst
Los Angeles Times: Symantec stock dives 33% as mystery investigation has people imagining the worst. “For the last few years, Symantec Corp. seemed to have been doing everything right. The world’s top maker of cybersecurity software started selling more to corporations — chasing growth and balancing out its consumer-centric business. It made acquisitions and brought in a new chief executive. Its shares were rising. So Wall Street was blindsided when the Mountain View, Calif., company disclosed that it is conducting an internal investigation that will delay the filing of its annual report and could potentially lead to a restatement of earnings. The news was tucked into the quarterly results late Thursday, and when analysts started asking questions, they were shut down. The company cut short the post-earnings conference call and canceled its scheduled callbacks later in the evening. That left analysts to fill in the blanks. And they imagined the worst.” Ruh roh.