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00:00:00
>> Symantec shares plunged Friday, falling 35% after the company revealed it was in the midst of an internal investigation. But it's what one of the largest cybersecurity companies in the world didn't say that's spooking investors and putting the stock on track for it's biggest decline in 17 years.
00:00:21
Reuters' Jim Finkle is on the story.>> The company revealed that the audit committee of its board of directors is launching a investigation into its financial results. It really didn't say anything beyond that, except that it launched the investigation following a report from a former employee. They announced this as they released their quarterly earnings.
00:00:47
And they just made their initial remarks, and then they said we're not gonna take any questions today. So all of this raises a lot of questions, no answers, and we just don't know how bad it could be.>> Bad enough for investors who fled Symantec, shaving off more than a third of the company's market cap, a one-day loss of $6 billion.
00:01:08
The company also revealed that its annual report to the Securities & Exchange Commission would be delayed, and that's not all.>> Also, on Thursday, the company issued earnings outlook that did not meet Wall Street expectations. Normally, that might be what we're talking about. But this audit is of such deep concern, I don't think that investors and analysts are looking at it too closely, except it's sort of just another piece of bad news.
00:01:38
>> But the company did manage to deliver one piece of good news, saying the investigation, quote, does not relate to any security concern of breach with respect to our products or systems.