The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of SolarWinds Corporation (NYSE: SWI) who purchased shares between October 18, 2018 and December 17, 2020. The action, which was filed in the United States District Court for the Western District of Texas, alleges that the Company violated federal securities laws.
(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.
Shareholders have until March 5, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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