Symantec: damages from U.S. probe may reach $145mlnFebruary 4, 2014 - 13:00 AMT PanARMENIAN.Net - Symantec said that the damages from a U.S. investigation into its compliance with government contracting rules may be about $145 million, PCWorld reports. U.S. officials are said to have conveyed in January to the company an estimate of the damages, the security software company said in a filing Monday, Feb 3, to the U.S. Securities and Exchange Commission. “We are fully cooperating with the investigation and in January 2014 met with representatives of the government who presented us with an initial analysis of our actual damages exposure in the amount of approximately $145 million,” Symantec said in the filing. The company said it is in the process of evaluating the government’s initial analysis, and it was possible that the investigation could lead to claims or findings of violations of the False Claims Act, which “could be material to our results of operations and cash flows for any period.” The False Claims Act is a U.S federal law setting criminal and civil penalties for false or fraudulent claims for payment or approval to the government, misrepresenting the amount of a delivered product, or under-stating an obligation to the government. Symantec said its total sales under the General Services Administration Schedule contract were about $210 million from January 2007 to December 2011. GSA Schedule contracts, also known as Federal Supply Schedules, are long-term, indefinite delivery and quantity contracts under the GSA’s Multiple Award Schedule Program, according to the GSA website. During the first quarter of fiscal 2013, Symantec was advised by the U.S. Department of Justice and the U.S. Attorney’s Office for the District of Columbia that the government was investigating its compliance with the GSA contract, including with provisions relating to pricing, country of origin, accessibility and the disclosure of commercial sales practices. Resolutions of investigations under the False Claims Act could result in the imposition of damages, including up to treble damages, plus civil penalties in some cases, Symantec said. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |