Commvault Systems executives sold over $9.4 million in company shares between February and May 2026, following a 31% stock price collapse on January 27, 2026, that erased roughly $1.7 billion in market capitalization. President and CEO Sanjay Mirchandani sold approximately 72,874 shares totaling over $7,015,973, CFO Gary Merrill sold about 20,474 shares for over $2,101,458, and Chief Accounting Officer Danielle Nicole Abrahamsen sold roughly 2,951 shares for over $305,668. The sales occurred as the company faces a pending federal securities class action alleging it misled investors about its growth trajectory during the period from April 29, 2025, to January 26, 2026. The lawsuit claims Commvault concealed the impact of lower-priced SaaS deals and heavy discounting on its annualized recurring revenue growth, which decelerated from 71% to 40% year-over-year in the third quarter of fiscal 2026. Law firm Hagens Berman is investigating the allegations and encouraging investors who suffered substantial losses to come forward.
CommVault Systems IncExecutives sold $9.4M in stock amid a class action lawsuit alleging misleading growth disclosures, following a 31% price collapse.