Elliott Management discloses 10.3% stake in Commvault

Elliott says intends to nominate four candidates to Commvault board

Elliott says intends to nominate four candidates to Commvault board. Stockwinners
Elliott  to nominate four candidates to Commvault board. Stockwinners

Elliott Management Corporation, which manages funds that collectively own 10.3% of common stock and economic equivalents of Commvault Systems (CVLT), released a letter announcing its intention to nominate four candidates to the Commvault Board.

In addition, the letter outlined a path forward for Commvault to create significant shareholder value through fundamental improvements in the company’s execution, operations, capital allocation and governance.

Elliott stated in the letter that it is looking forward to constructive engagement with the company and optimistic about developing a mutually supported path forward. Elliott’s board nominees include Martha Bejar, Wendy Lane, John McCormack and Chuck Morgan.

PRICE  ACTION

CVLT stock was last up over 9.6% to $62.70. At that price next resistance is at $64.60, the 52-week high.


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This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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