{"id":409014,"date":"2021-01-05T16:28:28","date_gmt":"2021-01-05T21:28:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=409014"},"modified":"2021-01-05T16:28:28","modified_gmt":"2021-01-05T21:28:28","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-solarwinds-corporation-swi-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-solarwinds-corporation-swi-investors\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SolarWinds Corporation (SWI) Investors"},"content":{"rendered":"

<\/p>\n

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SolarWinds Corporation (SWI) Investors<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–The Law Offices of Frank R. Cruz<\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired SolarWinds Corporation (\u201cSolarWinds\u201d or the \u201cCompany\u201d) (NYSE: SWI<\/a>) securities between February 24, 2020 and December 15, 2020<\/b>, inclusive (the \u201cClass Period\u201d). SolarWinds investors have until March 5, 2021 <\/b>to file a lead plaintiff motion.\n<\/p>\n

\nIf you are a shareholder who suffered a loss, click here<\/a> to participate.\n<\/p>\n

\nOn December 13, 2020, Reuters reported hackers have been monitoring email traffic at the U.S. Treasury and Commerce departments. The hackers are believed to have breached the emails by deceptively interfering with updates released by SolarWinds, which services various government vendors in the executive branch, the military, and the intelligence services.\n<\/p>\n

\nOn December 14, 2020, the Company disclosed that \u201ca vulnerability [was inserted] within its Orion monitoring products which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products run.\u201d The vulnerability was inserted in Orion products downloaded, as well as updates released, between March and June 2020.\n<\/p>\n

\nOn this news, the Company\u2019s stock price fell $3.93, or 17%, to close at $19.62 per share on December 14, 2020, thereby injuring investors.\n<\/p>\n

\nThen, on December 15, 2020, Reuters reported that Vinoth Kumar, a security researcher, alerted the Company last year that anyone could access SolarWinds\u2019 update server by using the password \u201csolarwinds123.\u201d The article also reported that co-founder of cybersecurity company Huntress, Kyle Hanslovan, noticed the malicious updates were still available for download even days after SolarWinds was aware their software was compromised.\n<\/p>\n

\nOn this news, the Company\u2019s stock price fell $1.56, or 8%, to close at $18.06 per share on December 15, 2020, thereby injuring investors further.\n<\/p>\n

\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants 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 its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.\n<\/p>\n

\nFollow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.\n<\/p>\n

\nIf you purchased SolarWinds securities during the Class Period, you may move the Court no later than March 5, 2021 <\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.\u00a0 If you purchased SolarWinds securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210105005958\/en\/<\/a><\/span><\/p>\n

\nThe Law Offices of Frank R. Cruz, Los Angeles
\n
Frank R. Cruz, 310-914-5007
\n
fcruz@frankcruzlaw.com
\n<\/a>
www.frankcruzlaw.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SolarWinds Corporation (SWI) Investors LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired SolarWinds Corporation (\u201cSolarWinds\u201d or the \u201cCompany\u201d) (NYSE: SWI) securities between February 24, 2020 and December 15, 2020, inclusive (the \u201cClass Period\u201d). SolarWinds investors have until March 5, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On December 13, 2020, Reuters reported hackers have been monitoring email traffic at the U.S. Treasury and Commerce departments. The hackers are … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of SolarWinds Corporation (SWI) Investors”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-409014","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. 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Cruz Announces the Filing of a Securities Class Action on Behalf of SolarWinds Corporation (SWI) Investors LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired SolarWinds Corporation (\u201cSolarWinds\u201d or the \u201cCompany\u201d) (NYSE: SWI) securities between February 24, 2020 and December 15, 2020, inclusive (the \u201cClass Period\u201d). SolarWinds investors have until March 5, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On December 13, 2020, Reuters reported hackers have been monitoring email traffic at the U.S. Treasury and Commerce departments. The hackers are … Continue reading "The Law Offices of Frank R. 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