LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against SolarWinds Corporation (“SolarWinds” or “the Company”) (NYSE: SWI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between October 18, 2018 and December 17, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before March 5, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. 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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