Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against SolarWinds Corporation (SWI)
NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announces that a class action lawsuit has been filed against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) in the US District Court for the western district of Texas on behalf of those who purchased or acquired SolarWinds securities between February 24, 2020 and December 15, 2020 inclusive (the “Class Period”). The lawsuit aims to seek compensation for SolarWinds investors under federal securities laws.
The complaint alleges that Defendants have made false and / or misleading statements and / or failed to disclose that: (1) SolarWinds Orion monitoring products had a security vulnerability since mid-2020 that allowed hackers to compromise the server to which the products were exported; (2) The SolarWinds update server had the easily accessible password “solarwinds123”. (3) As a result, SolarWinds customers, including the federal government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks. (4) As a result, the company would suffer significant reputational damage. and (5) as a result, defendants’ statements about the business, operations and prospects of SolarWinds were materially false and misleading and / or were on an unreasonable basis at all relevant times. When the real details hit the market, the lawsuit alleged that investors suffered damage.
Investors who have purchased or otherwise acquired SolarWinds stock during the class period should contact the company before March 5, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at firstname.lastname@example.org or Gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the company.