NEW ORLEANS -- (Business Wire)
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney
General of Louisiana, Charles C. Foti, Jr., remind investors that they
have until November 12, 2014 to file lead plaintiff applications
in a securities class action lawsuit against CommVault Systems, Inc.
(Nasdaq: CVLT), if they purchased the Company’s securities between May
15, 2013 and April 24, 2014, inclusive (the “Class Period”). This action
is pending in the United States District Court for the District of New
Jersey.
What You May Do
If you purchased shares of CommVault and would like to discuss your
legal rights and how this case might affect you and your right to
recover for your economic loss, you may, without obligation or cost to
you, call toll-free at 1-877-515-1850 or email KSF Managing Partner
Lewis Kahn (lewis.kahn@ksfcounsel.com).
If you wish to serve as a lead plaintiff in this class action, you must
petition the Court by November 12, 2014.
About the Lawsuit
CommVault and certain of its executives are charged with issuing a
series of materially false and misleading statements during the Class
Period, violating federal securities laws.
On January 29, 2014, CommVault disclosed that it had only met its
revenue growth target because of the timely recognition of deferred
software licensing revenue, effectively depleting CommVault's deferred
licensing revenue, and that it had missed its sales force hiring target
for the quarter. Then, on April 25, 2014, CommVault revealed that -
without the ability to recognize deferred software licensing revenue -
its fiscal fourth quarter profit dropped significantly as a result of
significant deceleration in revenue growth and that its financial
results were negatively impacted, in large part, by inadequate staffing
of sales and marketing personnel.
On this news, the price of CommVault’s shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana
Attorney General, Charles C. Foti, Jr., and other lawyers with
significant experience litigating complex securities class actions
nationwide on behalf of both institutional and individual shareholders,
you may visit www.ksfcounsel.com.
Contacts:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner,
877-515-1850
lewis.kahn@ksfcounsel.com
Source: Kahn Swick & Foti, LLC
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