NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 5, 2021 to file lead plaintiff applications in a securities class action lawsuit against SolarWinds Corporation (NYSE: SWI), if they purchased the Company’s securities between February 24, 2020 through December 15, 2020, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of Texas.
What You May Do
If you purchased securities of SolarWinds and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-swi/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 5, 2021.
About the Lawsuit
SolarWinds and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 13, 2020, Reuters reported that hackers purportedly working for the Russian government had exploited the Company’s monitoring software to access email traffic at the U.S. Treasury and Commerce departments. On December 14, 2020, the Company disclosed that it had “been made aware of a cyberattack that inserted a vulnerability within its Orion monitoring products” and that “the vulnerability was inserted within the Orion products and existed in updates released between March and June 2020” and that it was cooperating with federal intelligence and law enforcement agencies. On this news, the Company’s shares fell $3.93 per share, or 17%, to close at $19.62 per share on December 14, 2020
On December 15, 2020, Reuters reported that security research sources revealed that the Company had been made aware of the vulnerabilities the prior year and that even after being aware that their software had been compromised, the malicious updates were still available for download. On this news, the Company’s shares fell $1.56 per share or 8% to close at $18.06 per share on December 15, 2020.
The case is Bremer v. SolarWinds Corporation, et al., 21-cv-2.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.