LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation on behalf of SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On December 13, 2020, Reuters reported hackers have been monitoring email traffic at the U.S. Treasury and Commerce departments. The hackers are believed to have breached the emails by deceptively interfering with updates released by SolarWinds, which services various government vendors in the executive branch, the military, and the intelligence services.
On December 14, 2020, the Company disclosed that “a vulnerability [was inserted] within its Orion monitoring products which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products run.” The vulnerability was inserted in Orion products downloaded, as well as updates released, between March and June 2020.
On this news, the Company’s stock price fell $3.93, or 17%, to close at $19.62 per share on December 14, 2020, thereby injuring investors.
Then, on December 15, 2020, Reuters reported that Vinoth Kumar, a security researcher, alerted the Company last year that anyone could access SolarWinds’ update server by using the password “solarwinds123.” The article also reported that co-founder of cybersecurity company Huntress, Kyle Hanslovan, noticed the malicious updates were still available for download even days after SolarWinds was aware their software was compromised.
On this news, the Company’s stock price fell $1.56, or 8%, to close at $18.06 per share on December 15, 2020, thereby injuring investors further.
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If you purchased SolarWinds securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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