NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) from February 24, 2020 through December 15, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Western District of Texas alleges violations of the Securities Exchange Act of 1934.
If you purchased SolarWinds securities, and/or would like to discuss your legal rights and options please visit SWI Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed 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.
On December 14, 2020, SolarWinds disclosed on Form 8-K that it had become “aware of a cyberattack that inserted a vulnerability within its Orion monitoring products which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products run.” The Company further stated that it believed the attack was “the result of a highly sophisticated, targeted and manual supply chain attack by an outside nation state.”
On this news, SolarWinds’s stock price fell $3.93 per share, or 16.69%, to close at $19.62 per share.
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.'”
On this news, the Company’s shares fell $1.56 per share or 8% to close at $18.06.
If you wish to serve as lead plaintiff, you must move the Court no later than March 5, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you 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 MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP