Saturday, April 29, 2006

IRS Claims Symantec Owes $900 Million In Back Taxes

The U.S. Internal Revenue Service is asking Symantec to pay $900 million in back taxes from last year's $10.25 billion acquisition of storage software vendor Veritas, the Cupertino, Calif.-based vendor revealed today. Symantec's shares lost nearly a third of their value since the Veritas acquisition, and the company recently announced the departure of three senior executives. Uh oh, and you thought you had tax problems!

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