In This Article:
New York, New York--(Newsfile Corp. - February 1, 2021) - Pomerantz LLP announces that a class action lawsuit has been filed against SolarWinds Corporation ("SolarWinds" or the "Company") (NYSE: SWI) and certain of its officers. The class action, filed in the United States District Court for the Western District of Texas, and docketed under 21-cv-00047, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise, acquired publicly traded SolarWinds securities from February 24, 2020 through December 15, 2020, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased SolarWinds securities during the Class Period, you have until March 5, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
SolarWinds purports to provide information technology (IT) infrastructure management software products in the United States and internationally. The Company offers products to monitor and manage network, system, desktop, application, storage, and database and website infrastructures, whether on-premise, in the public or private cloud, or in a hybrid IT infrastructure.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors 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 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.