During the class period (May 7, 2013 to April 24, 2014), defendants are alleged to have falsely reassured the investing public that revenue was on target. During this period, defendant CEO N. Robert Hammer sold more than 268,500 of his own CommVault shares for proceeds of more than $18.6 million. When the company's real revenue misses were revealed on April 25, 2014, CommVault's stock plummeted from $68.58 per share to $47.56 per share, a decline of over 30% which wiped out nearly $1 billion of market value.
On September 30, 2016, U.S. District Judge Peter Sheridan denied CommVault's motion to dismiss the securities action, which may expose the company to millions of dollars in damages, as well as investigatory and litigation costs.
Concerned shareholders who would like more information about their rights and potential remedies should contact Kathryn Schubert via email at kschubert@schubertlawfirm or by telephone at (415) 788-4220, or fill out the form on our website at http://classactionlawyers.com/Commvault.
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in prosecuting securities claims and has successfully represented investors throughout the nation in shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Schubert Jonckheer & Kolbe LLP