Lead Plaintiff Deadline: 03/05/2021
SUMMARY OF CASE:
A securities class action has been filed against SolarWinds Corporation (SWI) behalf of all persons or entities who purchased or otherwise acquired SolarWinds Corporation (“SolarWinds” or the “Company”) securities publicly traded on NYSE between February 2, 2020 through December 15, 2020. This case has been filed in the USDC – Texas (Western).
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; (2) SolarWinds’ update server had an easily accessible password of `solarwinds123′; (3) consequently, SolarWinds’ customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; (4) as a result, the Company would suffer significant reputational harm; and (5) as a result, Defendants’ statements about SolarWinds’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.