b'of fraudulent concealment when the backlog is publiclyalleged misrepresentations and/or omissions made by disclosed to investors, and noting that a backlog, bydefendants in connection with the above-mentioned its nature, is fulfilled in future quarters. Nor, defendantspublic filings and internal investigation. Specifically, contended, had plaintiff alleged any factsasplaintiff alleged that defendants made false and/or opposed to conclusory assertionsindicating that themisleading statements and/or failed to disclose that: backlog was inflated or inaccurate. Plaintiff opposed the(1) Symantecs internal controls over financial reporting motion to dismiss on January 15, 2021, and a hearing onwere materially weak and deficient; (2) Symantecs the motion is scheduled for April 22, 2021.later disclosed reporting of certain Non-GAAP measures including those that could impact executive compensation programs would lead to heightened SEB Investment Management AB v.regulatory scrutiny by the SEC; and (3) as a result, Symantec Corporation et al, Case No.Symantec public statements were materially false and 3:18-cv-02902-WHA (N.D. Cal.)misleading at all relevant times.Revenue Recognition And InternalIn September 2018, the investigation concluded and the Controls Issues Audit Committee reported that it found relatively weak and informal processes with respect to some aspects Symantec Corporation (Symantec) is a publiclyof the review, approval and tracking of transition and traded company that provides cybersecurity solutionstransformation expenses and identified behavior worldwide. On May 19, 2017, Symantec filed its annualinconsistent with the Companys Code of Conduct. report on Form 10-K for the fiscal year ended March 31,The investigation also uncovered that $12 million of 2017 (2017 10-K) with the SEC. The 2017 10-K provideda $13 million transaction previously recognized as the companys annual financial results and position, asrevenue in the fourth quarter of fiscal year 2018 should well as signed certifications by Symantecs CEO andhave been deferred to the following quarter. Symantec CFO attesting to the accuracy of financial reporting, thethereafter revised its preliminary financial results to take disclosure of any material changes to the companysinto account this deferral, appointed new officers, and internal control over financial reporting, and theimproved certain internal controls.disclosure of all fraud. On August 16, 2017, Symantec filed a Schedule 14A (proxy statement) with the SEC,In October 2018, the court appointed lead plaintiff and which set forth the companys executive compensationlead counsel, which filed a consolidated amended practices and philosophy.complaint on November 15, 2018, adding a Section 20A cause of action and multiple confidential witness On May 10, 2018, Symantec reported that it would likelyallegations. On June 14, 2019, the court dismissed have to delay filing of its annual report for the fiscal yearthe consolidated complaint, without prejudice on the ended March 30, 2018 because its Audit Committeegrounds that the complaint failed to allege a material commenced an internal investigation in connectionmisrepresentation or scienter. On October 2, 2019, the with concerns raised by a former employee. Followingcourt granted plaintiffs motion for leave to file a first this news, Symantec shares fell $9.66 per share, oramended complaint on the grounds that plaintiff now met over 33%, from its previous closing price at $19.52 perthe requirements for pleading materiality and scienter. share on May 11, 2018. Three days later, after market- The court ordered plaintiff to file an amended complaint close, Symantec provided an updated statementby October 17, 2019, which defendants answered on regarding the internal investigation, disclosing that theNovember 7, 2019. The court certified the class on May 8, internal investigation [is] in connection with concerns2020. Discovery is largely complete, dispositive motions raised by a former employee regarding the Companysare due March 4, 2021, and trial is set for June 14, 2021.public disclosures including commentary on historical financial results, its reporting of certain Non-GAAP measures including those that could impact executiveIn Re Intel Corp. Securities Litigation, Case compensation programs, certain forward-lookingNo. 5:20-cv-5194 (N.D. Cal.) statements, stock trading plans and retaliation.Production Delay On May 17, 2018, before the internal investigationIntel Corporation (Intel) provides global communication was completed, investors filed a putative class actionsolutions, networking, data storage, and computing. against Symantec and its officers alleging violationsIntels 7-nanometer central processing unit (CPU) of Sections 10(b) and 20(a) of the 1934 Act, as well astechnology is its self-described next generation. Rule 10b-5 promulgated thereunder, based primarily on 58'