Symantec shed a third of their value Friday, on pace for the stock’s worst day in 17 years.
Shares fell more than 30 percent Friday to a low of $18.85 — levels not seen since June 2016.
The cybersecurity company said Thursday it launched an internal audit in response to concerns from a former employer, according a press release issued Thursday. The company did not elaborate on what concerns were being reviewed.
“The investigation is in its early stages and the Company cannot predict the duration or outcome of the investigation,” the company said in the release.
The plunge slashed more than $6 billion off the company’s market value, according to FactSet estimates of shares outstanding.
The stock is now down roughly 37 percent in the 12-month period and is more than 40 percent off its 52-week high.
Source: Tech CNBC
Symantec loses a third of its value after news of internal audit, on pace for worst day in 17 years