Symantec 'Ghost Revenue' Flagged In New Chancery Suit
Law360 (March 25, 2019, 8:59 PM EDT) -- Investors in software and security company Symantec Corp. opened a Delaware Chancery Court derivative suit Monday seeking to recover for losses incurred after the company allegedly put hundreds of millions of dollars in "ghost revenue" on its books by using nonstandard accounting practices.
The three-count suit, led by investor Werter Boninsegni, names nine current directors and officers and four former directors, alleging breaches of duty in their director or officer roles that contributed to a huge stock plunge in May of last year, as well as insider trading against four of those involved.
At issue are claims that Symantec improperly handled...
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