LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of SolarWinds Corporation (“SolarWinds” or “the Company”) (NYSE: SWI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. SolarWinds’ Orion monitoring product suffered from a vulnerability since the middle of 2020 that allowed hackers to force access to servers running the compromised software. The Company’s update server was not adequately secured, for example, its password was “solarwinds123.” The Company’s customers, including Microsoft, the Federal government, and others were left vulnerable to hackers. This vulnerability and subsequent hacks of these organizations led to severe reputational harm for the Company. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about SolarWinds, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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