Symantec slapped with class action suit

A class action complaint has been filed against Windows utility software maker Symantec alleging misrepresentation of products and the company's status.

An amended class action complaint has been filed against Windows utility software maker Symantec alleging that the company, its officers and directors misrepresented products and company status, filed false financial statements and engaged in insider trading.

The suit has been filed in the California Superior Court for Santa Clara County by three plaintiffs on behalf of buyers of Symantec common stock during the period of June 9, 1995 to January 8, 1996. The complaint charges that during the class period, Symantec engaged in a fraudulent scheme, conspiracy and course of business that operated as a fraud or deceit on all persons who bought or otherwise acquired Symantec stock.

The plaintiffs charge that Symantec also made misleading statements about the sales of its Windows 95 versions of Norton Navigator, Norton AntiVirus and Norton Utilities and its Enterprise products, reported false statements about its sales in Europe and posted misleading second quarter 1996 earnings.

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