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Symantec discloses internal investigation over public disclosures

Symantec Corp.'s audit committee is conducting an investigation of the company in connection with concerns raised by a former employee regarding certain public disclosures.

The cybersecurity firm said the audit committee engaged independent counsel and other advisers to assist in the investigation, and it has contacted the SEC over the matter.

The investigation will look into Symantec's "public disclosures, including commentary on historical financial results, its reporting of certain non-GAAP measures including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans and retaliation," Symantec said May 14.

Symantec first revealed the audit committee investigation in its May 10 earnings release, without providing details.

The cybersecurity company warned that its financial results and guidance "may be subject to change based on the outcome of the audit committee investigation," and that it is "unlikely" that the probe would conclude in time for the company to file a Form 10-K annual report for the fiscal year ended March 30.

Symantec stock plunged more than 30% after the company disclosed the investigation May 10.