[ACCESSWIRE]
SAN DIEGO, CA / ACCESSWIRE / February 22, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit is pending in New Jersey on behalf of certain purchasers of NASDAQ: CVLT shares over alleged Securities Laws Violations by CommVault Systems.
Investors who purchased shares of CommVault Systems, Inc. (NASDAQ: CVLT) prior to May 2013 and continue to hold any of those NASDAQ: CVLT shares have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On April 25, 2014, CommVault Systems, Inc announced that its fiscal fourth quarter profit dropped significantly as a result of significant deceleration in revenue growth. The plaintiff claims that despite the Company's prior representations that deferred revenue was a poor indicator of growth, without the ability to recognize deferred software licensing revenue, CommVault Systems, Inc could no longer conceal the revenue growth deceleration it had been experiencing and that CommVault Systems, Inc also revealed that its financial results were negatively impacted, in large part, by inadequate staffing of sales and marketing personnel.
On September 10, 2014, a lawsuit was filed against CommVault Systems, Inc over alleged violations of securities laws. The plaintiff claimed that the defendants allegedly misrepresented CommVault Systems, Inc's revenue growth by booking and subsequently recognizing deferred software licensing revenue to mask slowing revenue growth, while at the same time denying that revenue growth was in fact decelerating, that CommVault Systems, Inc misrepresented that it was increasing investments in its sales force and hiring more sales employees in order to continue to drive growth through fiscal year 2014 and beyond, and that as a result of these alleged misrepresentations, CommVault Systems, Inc stock traded at allegedly artificially inflated prices between May 15, 2013 and April 24, 2014.
In March 2015 an amended complaint was filed and in May 2015 the defendants filed their motion to dismiss the case. In December 2015 the court granted the defendants' motion to dismiss with leave to amend and in February 2016 the plaintiff filed a second amended complaint. In September 2016 the court denied the defendants April 2016 motion to dismiss the case.
Those who purchased shares of CommVault Systems, Inc. (NASDAQ: CVLT) prior to May 2013 and continue to hold any of those NASDAQ: CVLT shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at [email protected] or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
