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Natalie Gordon et al. v. Symantec Corporation et al. (California Superior Court, Santa Clara County)

August 02, 2013

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Fenwick helped Symantec Corporation win dismissal of a putative class action lawsuit attacking the sufficiency of compensation disclosures to shareholders regarding Symantec’s say-on-pay vote in the company’s August 2012 proxy statement. Named plaintiff Natalie Gordon, alleged that Symantec and its directors had breached their fiduciary duty and slighted shareholders by failing to disclose crucial financial information before a vote on executive compensation. The case was closely watched as heralding a new wave of class action litigation – and, specifically, cases challenging executive compensation disclosures and seeking to create new law under the “say-on-pay” provisions of the Dodd-Frank Act. The Fenwick securities litigation team was led by partner Kevin Muck, and also included partner Dean Kristy and associate Marie Bafus. Fenwick subsequently secured a dismissal with prejudice of a similar suit filed against Cisco Systems in Gordon v. Cisco Systems, Inc., et al. in Santa Clara Superior Court.​​​​​