Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against SolarWinds Corporation
NEW YORK, February 2, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a motion by a lead plaintiff in a class action lawsuit filed on behalf of investors who bought or acquired the securities of SolarWinds Corporation ( “SolarWinds” or the “Company” (NYSE: SWI) of February 24, 2020 by December 15, 2020 (the “Class Period”). The lawsuit has been filed The United States District Court for the Western District of Texas alleges violations of the Securities Exchange Act of 1934.
If you have purchased SolarWinds securities and / or would like to discuss your legal rights and options, please visit or contact SWI Shareholder’s class action lawsuit Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
According to the lawsuit, throughout the class period, defendants made false and / or misleading statements and / or failed to disclose that: (1) SolarWinds Orion monitoring products had a vulnerability since mid-2020 that allowed hackers to compromise the server on which the products ran; (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.
On December 14, 2020SolarWinds announced on Form 8-K that it was “aware of a cyberattack that introduced a vulnerability into its Orion monitoring products that, if present and enabled, could potentially allow an attacker to compromise the server.” which Orion products are run “. The company said it believed the attack was “the result of a sophisticated, targeted, and manual supply chain attack by an external nation-state.”
In the news, SolarWinds’ stock price fell $ 3.93 per share or 16.69% to close at $ 19.62 per share.
Then further December 15, 2020Reuters published an article stating that last year security researchers Vinoth Kumar “The company has advised that anyone with the password ‘solarwinds123’ can access the SolarWinds update server.”
On the news, the company’s shares fell $ 1.56 per share or 8% to close at $ 18.06.
If you want to appear as the lead plaintiff, you must move the court at the latest March 5, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you have purchased SolarWinds securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/solarwindscorporation-swi-shareholder-class-action-lawsuit-fraud-stock-343 / apply / or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has recovered since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. Based on the success of hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779- 1414. The lawyer responsible for this complaint in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP