SAN FRANCISCO, March 02, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges SolarWinds Corporation (NYSE: SWI) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Oct. 18, 2018 – Dec. 17, 2020
Lead Plaintiff Deadline: March 5, 2021
Contact An Attorney Now: [email protected]
SolarWinds Corporation (SWI) Securities Fraud Class Action:
The complaint alleges that 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 Mar. 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, two investors controlling a majority of SolarWinds’ board of directors sold $285 million of SolarWinds shares at inflated prices.
Most recently, on Mar. 1, 2021, SolarWinds filed its annual report, disclosing that it was the subject of numerous regulatory investigations, including by the DOJ and the SEC.
“We’re focused on proving that SolarWinds knew about the security vulnerabilities before disclosing them,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a SolarWinds investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding SolarWinds Corporation should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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