SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of SolarWinds Corporation (“SolarWinds”) (NYSE:SWI) breached their fiduciary duties to SolarWinds and its shareholders. If you are a SolarWinds shareholder, you are encouraged to contact Amber Eck at Haeggquist & Eck for additional information.
SolarWinds provides information technology (“IT”) infrastructure management software products in the United States and internationally. Haeggquist & Eck is investigating whether members of SolarWinds’s Board of Directors failed to manage SolarWinds in an acceptable manner, in breach of their fiduciary duties to SolarWinds, and whether SolarWinds has suffered damages as a result.
Securities fraud class action lawsuits have been filed against SolarWinds alleging it 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 the federal government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; (4) as a result, SolarWinds would suffer significant reputational harm; and (5) as a result, SolarWinds’ statements about its business, operations and prospects were materially false and misleading.
On December 13, 2020, SolarWinds disclosed that its Orion monitoring products may have been implicated in alleged hacks of governmental email traffic by Russia. Then, on December 15, 2020, Reuters published an article stating that, last year, security researcher Vinoth Kumar “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.’”
What You Can Do
If you are a SolarWinds shareholder, you may have legal claims against its directors and officers. If you have questions about your legal rights, please contact attorney Amber Eck at 619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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