SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces an Investigation of The Board of Directors of Commvault Systems, Inc. -CVLT
BALA CYNWYD, November 11, 2016 /PR Newswire/ – Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Commvault Systems, Inc. (“Commvault” or “the Company”) (Nasdaq- CVLT-News) for possible breaches of fiduciary duty and other violations of state law.
The investigation concerns whether the Board of Commvault breached their fiduciary duties to shareholders, which has resulted in a depressed stock price. According to a complaint filed in U.S. District Court for the District of New Jersey, the Company, its CEO and CFO improperly deferred revenue recognition to create the illusion of high growth. The complaint indicates that the Company and its top executives engaged in “cookie jar” accounting by creating a “cookie jar” of deferred revenue to dip into when earnings were lower than projected. As a result Commvault stock fell from $68.58 per share to close at $47.56 per share on April 25, 2014.
If you own shares of Commvault stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.