SolarWinds Corporation Securities Litigation

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Lawsuit Overview

Defendant:SolarWinds Corporation
Date Filed:January 4th, 2021
Sector:Technology
Industry:Computer Software: Prepackaged Software
Class Start Date:February 24th, 2020
Class End Date:December 15th, 2020

According to the Complaint, SolarWinds Corporation 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 Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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.

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First Identified Complaint

Timothy Bremer, et al. v. SolarWinds Corporation, et al.

Date Filed:January 4th, 2021
Class Period Start:February 24th, 2020
Class Period End:December 15th, 2020
First Identified Complaint Filings
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