RM LAW Announces Class Action Lawsuit Against SolarWinds Corporation

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Jan 08, 2021, 12:15 ET

BERWYN, Pa., Jan. 8, 2021 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased SolarWinds Corporation ("SolarWinds" or the "Company") (NYSE: SWI) securities during the period from February 24, 2020 through December 15, 2020 inclusive (the "Class Period").

SolarWinds shareholders may, no later than March 5, 2021 move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of SolarWinds and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.

The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed 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; and (3) consequently, SolarWinds' customers, including the Federal Government, Microsoft, Cisco, and Nvidia, were vulnerable to hacks.

Investors allegedly began to learn the truth on Dec. 13, 2020 when Reuters reported Russian hackers had infiltrated the U.S. Treasury and Commerce departments' systems by tampering with SolarWinds updates.

Then, on Dec. 14, 2020 SolarWinds confirmed the vulnerability was inserted in its Orion monitoring products and existed in updates released between March and June 2020.

On Dec. 15, 2020, Reuters reported that (1) a security researcher alerted SolarWinds last year that anyone could access the company's update server by using the password "solarwinds123," and (2) a cyber security expert noticed that even days after SolarWinds knew their software was compromised the malicious updates were still available for download.

Significantly, shortly before these events unfolded and caused SolarWinds shares to crater, two investors controlling a majority of SolarWinds' board of directors sold $285 million of SolarWinds shares.

If you are a member of the class, you may, no later than March 5, 2021 request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.

For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website by clicking here.

RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.