SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of SolarWinds Corporation (“SolarWinds” or “the “Company”) (NYSE: SWI) between February 24, 2020 and December 15, 2020, inclusive (the “Class Period”).
If you purchased or otherwise acquired SolarWinds securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 5, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
SolarWinds investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the SolarWinds Securities Class Litigation
SolarWinds, headquartered in Austin, Texas, provides information technology infrastructure management software products in the United States and internationally.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) since at least mid-2020, SolarWinds’s Orion monitoring products possessed a vulnerability that allowed hackers to compromise the server on which these products ran; (2) SolarWinds’s update server could be easily accessed with a password of ‘solarwinds123’; (3) consequently, SolarWinds’s customers, including, the United States federal government, Microsoft, Cisco, Nvidia, and others, were vulnerable to hacks; (4) as a result of these vulnerabilities, the Company would incur serious damage to its reputation; and (5) consequently, Defendants’ statements concerning SolarWinds’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 13, 2020, Reuters reported that hackers who were allegedly working for the Russian government had monitored email traffic at the U.S. Treasury and Commerce departments and gained access to the agencies’ email traffic by interfering with SolarWinds updates.
On December 14, 2020, SolarWinds disclosed that it had been the subject of a hack of its Orion monitoring products. On this news, the price of SolarWinds’s stock fell $3.93 per share, or 16.69%, from its closing price of $23.55 on December 11, 2020, to close at $19.62 per share on December 14, 2020, on extremely elevated trading volume.
On December 15, 2020, Reuters reported that during the previous year, a security researcher had “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.’” The report also noted that “days after SolarWinds realized their software had been compromised, the malicious updates were still available for download.” On this news, the price of the Company’s stock fell $1.56 per share, or 7.95%, from its closing price of $19.62 on December 14, 2020, to close at $18.06 per share on December 15, 2020, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
