Sources: Security Firm Norse Corp. Imploding

Norse Corp., a Foster City, Calif. based cybersecurity firm that has attracted much attention from the news media and investors alike this past year, fired its chief executive officer this week amid a major shakeup that could spell the end of the company. The move comes just weeks after the company laid off almost 30 percent of its staff.

Sources close to the matter say Norse CEO Sam Glines was asked to step down by the company’s board of directors, with board member Howard Bain stepping in as interim CEO. Those sources say the company’s investors have told employees that they can show up for work on Monday but that there is no guarantee they will get paid if they do.

snip: More worryingly, those same people said there are serious questions about the validity of the data that informs the company’s core product.

[link to map.norsecorp.com]

The full article is here: [link to krebsonsecurity.com]