Notice of Lead Plaintiff Deadline for Shareholders in the SolarWinds Corporation Class Action Lawsuit
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SAN DIEGO – (BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit was filed on behalf of buyers of publicly traded securities of SolarWinds Corporation (NYSE: SWI) between February 24th in the western district of Texas. 2020 and December 15, 2020 inclusive (the “Class Period”). The case is headed Bremer v SolarWinds Corporation, No. 21-cv-00002, and is assigned to Judge Robert L. Pitman. SolarWinds’ class action lawsuit accuses SolarWinds and some of its executives of violating the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 allows any investor who purchased publicly traded SolarWinds securities during the class period to seek appointment as the lead plaintiff in the SolarWinds class action. A lead plaintiff is generally the applicant with the greatest financial interest in the relief sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other class members in directing the SolarWinds class action. The lead plaintiff can choose a law firm of their choice to bring the SolarWinds class action lawsuit. An investor’s ability to participate in a possible future recovery of the SolarWinds class action lawsuit does not depend on whether they are the lead plaintiff. If you would like to serve as the lead plaintiff in SolarWinds’ class action or if you have any questions about your rights in relation to the SolarWinds class action, please include your information here or contact attorney Michael Albert von Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or by email to firstname.lastname@example.org. Lead plaintiff motions for SolarWinds’ class action must be filed with the court no later than March 5, 2021.
SolarWinds purports to offer information technology (“IT”) infrastructure management software products in the United States and internationally. SolarWinds offers products for monitoring and managing network, system, desktop, application, storage, database and website infrastructures, be it on-site, in the public or private cloud or in a hybrid IT infrastructure.
SolarWinds ‘class action alleges that throughout the classroom, 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 the products were running on; (2) The SolarWinds update server had the easily accessible password “solarwinds123”. (3) As a result, SolarWinds customers, which include the federal government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks. (4) As a result, SolarWinds 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.
On December 13, 2020, Reuters reported that hackers allegedly working for the Russian government were monitoring email traffic in the U.S. Treasury Department and that the alleged hackers had misleading access to the agencies’ email traffic Updates published by SolarWinds that serve various government vendors in the executive, military, and intelligence sectors.
On December 14, 2020, SolarWinds filed a Form 8-K with the Securities and Exchange Commission, announcing that it had been the subject of a hack to its Orion monitoring products. In the news, SolarWinds stock fell roughly 17%, hurting investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in class action lawsuits. With 200 attorneys in 9 offices, Robbins Geller has filed many of the largest securities lawsuits in history. For seven consecutive years, ISS Securities Class Action Services has ranked the firm as one of the best law firms in the world in its annual SCAS Top 50 report for both amount recovered for shareholders and total number of class action lawsuits. Robbins Geller’s lawyers helped shape the securities laws and reclaimed tens of billions of dollars on behalf of injured victims. In addition to securing financial repayments for duped investors, Robbins Geller specializes in implementing corporate governance reforms that will help improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations, and the media as the leading attorneys in the industry. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Michael Albert, 800-449-4900
Source: Robbins Geller Rudman & Dowd LLP