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.
SolarWinds Corporation Securities Litigation
Jan 08, 2021 |
SolarWinds Corporation NYSE: SWI |
Case Status: Filed
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Lawsuit Overview
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First Identified Complaint
Timothy Bremer, et al. v. SolarWinds Corporation, et al.
First Identified Complaint Filings
# | Document Title | Filing Date |
---|---|---|
1 | Class Action Complaint for Violation of the Federal Securities Laws | January 4th, 2021 |
2 | U.S. District Court Civil Docket | January 5th, 2021 |