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Symantec Board Overpaid Itself After LifeLock Merger, Suit Says

Nov. 7, 2019, 4:46 PM

Symantec Corp. and its leadership were hit with a Delaware lawsuit claiming they manipulated the cybersecurity company’s finances to justify excessive executive pay after acquiring Blue Coat Systems Inc. and LifeLock Inc.

Symantec brought on executives in its 2016 tie-up with Blue Coat who pushed it “to loosen its accounting rules in order to drive up the company’s financial metrics,” according to the 134-page Chancery Court complaint. The heavily redacted suit was made public Nov. 6 after being filed under seal Nov. 1 by a union pension fund.

The company completed its LifeLock buyout the next year. Symantec’s directors and...

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