September 24, 2018 / 12:12 PM / 3 months ago

Symantec ends accounting probe without major revision to results

Sept 24 (Reuters) - Symantec Corp said on Monday that it will not restate previous financial results except for a specific $13 million transaction, following a four-month long probe into the Norton anti-virus maker’s accounting practices, sending shares up about 6 percent.

The company said the investigation committee reviewed a transaction with a customer for which $13 million was recognized as revenue in the fourth quarter of 2018, and said it concluded that $12 million of the $13 million should be deferred.

Symantec stunned investors on May 11 by disclosing that its audit committee was investigating the cyber-security company’s accounting practices, following “concerns” raised by a former employee and that it might have to restate previous results, news that caused it shares to lose almost a third of their value that day. (Reporting by Angela Moon in New York and Munsif Vengattil in Bengaluru; Editing by Shailesh Kuber)

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