BERWYN, Pa., January 8, 2021 / PRNewswire / – RM LAW, PC announces that a class action lawsuit has been filed on behalf of any person or entity that has purchased securities in SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) on and on February 24, 2020 by December 15, 2020 inclusive (the “lesson”).
SolarWinds shareholders can do so no later than March 5, 2021 move the court to appoint the class lead plaintiff. If you have purchased shares in SolarWinds and would like to learn more about these claims, or if you would like to discuss these matters and have questions about this announcement or your rights, please contact Richard A. Maniskas, Esquire toll free at (844) 291-9299 or to register online, click here.
The complaint alleges that throughout the classroom period, the defendants misrepresented and concealed the following: (1) As of mid-2020, SolarWinds’ Orion monitoring products had a vulnerability that allowed hackers to compromise the server on which the products were running were executed. (2) The SolarWinds update server had an easily accessible password. and (3) as a result, SolarWinds customers, including the federal government, Microsoft, Cisco, and Nvidia, have been vulnerable to hacking.
Investors allegedly began to learn the truth December 13, 2020 As Reuters reported that Russian hackers had infiltrated the US Treasury and Commerce systems by tampering with SolarWinds updates.
Then next December 14, 2020 SolarWinds confirmed that the vulnerability was incorporated into its Orion monitoring products and was present in updates released between March and March June 2020.
On December 15, 2020Reuters reported that (1) a security researcher alerted SolarWinds last year that anyone with the password “solarwinds123” could access the company’s update server, and (2) a cyber security expert found that SolarWinds even days after he knew that its software had been compromised, the malicious updates were still available for download.
Significantly, two investors who controlled the majority of SolarWinds’ board of directors sold just before these events took place and put SolarWinds stock in the crater $ 285 million of SolarWinds shares.
If you are a member of the class, you can at the latest March 5, 2021 Ask the court to appoint you as the lead plaintiff for the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. In certain circumstances, one or more class members may act together as the “lead plaintiff”. However, your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff. You can keep RM LAW, PC, or any other lawyer of your choice to act as your lawyer in this promotion.
For further information please contact RM LAW, PC (Richard A. Maniskas, Esquire) toll free at (844) 291-9299 or by email at [email protected] or click here. For more information on class actions in general, or to learn more about RM LAW, PC, please visit our website by clicking here.
RM LAW, PC is a national law firm for shareholders. RM LAW, PC is dedicated to protecting the interests of individual and institutional investors in shareholder claims in state and federal courts across the country.
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