CommVault Systems Inc (NASDAQ: CVLT) Investor Securities Class Action Lawsuit 09/10/2014

If you purchased shares of CommVault Systems Inc (NASDAQ: CVLT), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
CommVault Systems
Case Name: 
CommVault Systems Shareholders Class Action Lawsuit 09/10/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: CVLT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/10/2014
Class Period Begin: 
05/07/2013
Class Period End: 
04/24/2014
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
11/12/2014
Date Settled: 
01/22/2018
Settlement Amount: 
$12,500,000
Deadline to Participate in Settlement: 
06/20/2018
Summary: 

May 21, 2018 - The court entered the orders approving the plan of allocation and the motion for attorneys’ fees and expenses.

May 14, 2018 - The court approved the settlement.

January 22, 2018 - The court preliminarily approved the settlement.

December 5, 2017 - Parties filed a stipulation of settlement.

September 30, 2016 - The court denied defendants' motion to dismiss.

April 5, 2016 - Defendants filed a motion to dismiss.

February 5, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased CommVault Systems Inc (NASDAQ: CVLT) common shares between May 7, 2013 and April 24, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 7, 2013 and April 24, 2014.

December 17, 2015 - The court granted defendants' motion to dismiss with leave to amend.

May 26, 2015 - Defendants filed a motion to dismiss.

March 19, 2015 - The lead plaintiff filed an amended complaint.

January 12, 2015 - The lead plaintiff and lead counsel were appointed.

December 8, 2014 - Another lead plaintiff motion was filed.

November 12, 2014 - Lead plaintiff motions were filed.

September 10, 2014 - An investor in shares of CommVault Systems Inc (NASDAQ: CVLT) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by CommVault Systems Inc in connection with certain allegedly false and misleading statements made between May 15, 2013 and April 24, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of CommVault Systems Inc (NASDAQ: CVLT) common shares between May 15, 2013 and April 24, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims 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.

Shares of CommVault Systems Inc (NASDAQ: CVLT) grew from $8.02 per share in November 2008 to as high as $89.45 per share in October 2013.

On April 25, 2014, CommVault Systems Inc announced its fourth quarter and fiscal 2014 financial results. CommVault Systems Inc reported that its Total Revenue rose from $314.78 million for the 12 months period that ended on March 31, 2011 to $586.34 million for the 12 months period that ended on March 31, 2014 and that its respective Net income increased from $21.00 million to $64.06 million.

Shares of CommVault Systems Inc declined from $68.98 per share on April 24, 2014, to $47.47 per share on April 25, 2014 and continued to decline to $45.34 per share on April 29, 2014.

On September 12, 2014, CommVault Systems Inc (NASDAQ: CVLT) shares closed at $55.58 per share.