INVESTOR ALERT: Investigation on Behalf of CommVault Systems, Inc. Shareholders Announced by Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of shareholders of CommVault Systems, Inc. (“CommVault” or the “Company”) (NASDAQ:CVLT) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning CommVault’s operations and financial performance and prospects.
Please contact Lesley Portnoy or Casey Sadler at (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
CommVault, together with its subsidiaries, provides data- and information-management software applications and related services in North America, Europe, Australia and Asia. The investigation is related to allegations that the Company:
- misrepresented its revenue growth;
- booked and recognized deferred software licensing revenue to mask slowing revenue growth;
- failed to disclose that CommVault’s revenue growth was slowing; and
- misrepresented that CommVault 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.
On January 29, 2014, the Company disclosed that it had only met its revenue growth target by recognizing deferred software licensing revenue, thereby depleting CommVault’s deferred licensing revenue, and that the Company had missed its sales force hiring target for the quarter. Then, on April 25, 2014, CommVault disclosed a significant drop in its fiscal fourth quarter profit as a result of slowing revenue growth, and that the Company’s financial results were negatively impacted, in substantial part, by inadequate staffing of sales and marketing personnel. Following this news, the price of CommVault shares dropped more than 30%, or $21.02 per share, to close at $47.56 per share on April 25, 2014.
If you purchased CommVault shares, if you have information, or if you are a long-term shareholder of CommVault and would like to learn more about other potential claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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