SolarWinds Corporation (SWI)


Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In SolarWinds To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $50,000 investing in SolarWinds stock or options between February 24, 2020 and December 15, 2020 and would like to discuss your legal rights, please fill out the form below, or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

There is no cost or obligation to you.

Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE:SWI) and reminds investors of the March 5, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; (2) SolarWinds’ update server had an easily accessible password of ‘solarwinds123’; (3) consequently, SolarWinds’ customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; (4) as a result, the Company would suffer significant reputational harm; and (5) as a result, Defendants’ statements about SolarWinds’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Specifically, on December 14, 2020, SolarWinds filed a Form 8-K with the SEC, disclosing that it had been the subject of hack on its Orion monitoring products.

On this news, the Company’s shares fell $3.93 per share, or 17%, to close at $19.62 per share on December 14, 2020, damaging investors.

Then, on December 15, 2020, Reuters published an article stating that, last year, security researcher Vinoth Kumar “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.’” The article also disclosed that, according to Kyle Hanslovan, the cofounder of Maryland-based cybersecurity company Huntress, “days after SolarWinds realized their software had been compromised, the malicious updates were still available for download.”

On this news, the Company’s shares fell $1.56 per share or 8% to close at $18.06 per share on December 15, 2020, damaging investors.

 

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SolarWinds Corporation (SWI)

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Details

Filed on 12/16/2020

Ticker NYSE:SWI

Class period 02/24/2020 - 12/15/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

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685 Third Avenue 26th Floor
New York, New York 10017
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(877) 247-4292
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Atlanta, Georgia 30342
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Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

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