Cupertino, California-based personal computer utilities software specialist Symantec Corp – it inter alia owns Peter Norton Computing – reports that a class action shareholder complaint has been filed against the company alleging that its board and senior management had benefitted financially from information that was not available to the general public. The suit names the company’s six board members, four senior managers and the company itself. The company says that the 101-page document alleges the alleged misdeeds took place between June 3 1991 and October 8 1992, and mainly lists press releases relating to upcoming products and filings with the US Securities & Exchange Commission relating to insider trades – nothing intrinsically suspect about those – it simply means officers of the company buying and selling shares in it, an activity that its legally constrained to take place only for a short period after the company has reported figures, and well before the next financial report is due. The company says that the suit does not appear to seek any monetary damages, but anyway, a Symantec statement declared roundly that the allegations were entirely without merit and that it would defend its position vigorously.
