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, after disappointing quarterly results. CEO Sanjay Mirchandani sold approximately 72,874 shares totaling over $7,015,973, CFO Gary Merrill sold approximately 20,474 shares totaling over $2,101,458, and Chief Accounting Officer Danielle Nicole Abrahamsen sold approximately 2,951 shares totaling over $305,668. The sales occurred as the company faces a federal securities class action alleging it misled investors about its growth prospects during the period from April 29, 2025, to January 26, 2026. The lawsuit claims Commvault created a misleading impression by touting strong execution and hyper-growth in its SaaS platform, while the January 27 report revealed a significant miss in net new annual recurring revenue, a reduction in full-year ARR growth guidance, and a deceleration in SaaS ARR year-over-year growth from 71% to 40%, partly due to lower-priced deals and heavy discounting. Hagens Berman is investigating the claims and encourages investors with substantial losses to come forward.
CommVault Systems IncDisappointing quarterly results and reduced ARR guidance triggered a 31% stock price collapse, and executives sold shares amid a securities class action alleging misleading growth claims.