Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against SolarWinds Corporation (SWI)
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming March 5, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors representing SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE) purchased: SWI) securities between February 24, 2020 and December 15, 2020 inclusive (the “Class Period”).
Investors suffering losses on their SolarWinds investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email firstname.lastname@example.org to discuss.
On December 13, 2020, Reuters reported that hackers had been monitoring email traffic in the US finance and commerce departments. The hackers are believed to have breached the emails by misleading the updates published by SolarWinds, which serve various government vendors in the executive, military and intelligence agencies.
On December 14, 2020, the company announced that “a security vulnerability exists [was inserted] within its Orion surveillance products, which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products are running. “The vulnerability was introduced into downloaded Orion products and published updates between March and June 2020.
In that news, the company’s share price fell $ 3.93, or 17%, to close at $ 19.62 per share on December 14, 2020, hurting investors.
On December 15, 2020, Reuters reported that security researcher Vinoth Kumar made the company aware last year that anyone with the password “solarwinds123” could access the SolarWinds update server. The article also reported that cybersecurity firm Huntress’ co-founder Kyle Hanslovan noted that the malicious updates were still available for download days after SolarWinds learned that their software had been compromised.
In that news, the company’s share price fell $ 1.56, or 8%, to close at $ 18.06 per share on December 15, 2020, further hurting investors.
The complaint filed in this class action alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. Specifically, defendants have failed to advise investors that: (1) SolarWinds Orion monitoring products had a vulnerability since mid-2020 that allowed hackers to compromise the server on which the products were running; (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 their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
If you purchased or otherwise acquired SolarWinds securities during the class period, you have no later than March 5, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at email@example.com, or visit our website at www.howardsmithlaw .com.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.