Lawsuit filed for Investors in shares of SolarWinds Corporation (NYSE: SWI)

An investor, who purchased shares of SolarWinds Corporation (NYSE: SWI), filed a lawsuit over alleged violations of Federal Securities Laws by SolarWinds Corporation.

Investors who purchased shares of SolarWinds Corporation (NYSE: SWI) have certain options and for certain investors are short and strict deadlines running. Deadline: March 5, 2021. NYSE: SWI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On December 13, 2020 it was reported that state-sponsored hackers are believed to have penetrated the IT systems of federal government agencies by manipulating software updates released by SolarWinds.

SolarWinds Corporation disclosed on December 14, 2020, that the hackers targeted its Orion monitoring product, interfering with updates between March and June 2020.

Shares of SolarWinds Corporation (NYSE: SWI) declined from $24.34 per share on December 9, 2020, to as low as $13.98 per share on December 18, 2020.

The plaintiff claims that between February 24, 2020 and December 15, 2020, the defendants made false and/or misleading statements and/or failed to disclose that since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran, that SolarWinds’ update server had an easily accessible password of ‘solarwinds123’, that consequently, SolarWinds’ customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks, that as a result, the Company would suffer significant reputational harm, and that 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.

Those who purchased shares of SolarWinds Corporation (NYSE: SWI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.