Symantec Investor Files Suit Over 'Unjust' Officer Pay

Law360 (November 7, 2019, 8:33 PM EST) -- A Symantec Corp. investor has filed a derivative suit in the Delaware Chancery Court against the cybersecurity giant and its officers, asserting certain executives were unjustly enriched to the tune of millions due to "manipulative accounting practices” that inflated the company’s finances.

In a heavily redacted complaint made public Wednesday, the Iron Workers Mid-South Pension Fund asserts that a “free-wheeling culture” resulted after Symantec’s $4.65 billion acquisition of privately held network security firm Blue Coat Systems Inc. in 2016. When Blue Coat executives took identical posts at Symantec after the tie-up, they “pushed Symantec to loosen its accounting rules in order...

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