NEW YORK, Feb. 03, 2021 (GLOBE NEWSWIRE) — Pawar Law Group announces a class action lawsuit on behalf of shareholders who purchased shares of SolarWinds Corporation (NYSE: SWI) from February 24, 2020 through December 15, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for SolarWinds Corporation investors under the federal securities laws.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; SolarWinds’ update server had an easily accessible password of ‘solarwinds123’; consequently, SolarWinds’ customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; as a result, the Company would suffer significant reputational harm; and 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than March 5, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938