Symantec says damages from US govt probe may reach $145m

Security

by CBR Staff Writer| 04 February 2014

The company is currently assessing the government’s initial analysis.

Security firm Symantec could have to pay up to $145m in damages after a US investigation into its sales and pricing practices for U.S. government contracts.

Symantec said in the filing that the company is fully cooperating with the investigation and in January 2014 met with representatives of the government who presented an initial estimate of actual damages exposure.

"We are currently in the process of evaluating the government's initial analysis," the security firm said.

"It is possible that the investigation could lead to claims or findings of violations of the False Claims Act, and could be material to our results of operations and cash flows for any period."

The company reported that it has been assessing the government's initial analysis, and it was possible that the probe could lead to allegations or findings of breaches of the False Claims Act.

 

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