{"id":449130,"date":"2021-03-03T01:43:29","date_gmt":"2021-03-03T06:43:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449130"},"modified":"2021-03-03T01:43:29","modified_gmt":"2021-03-03T06:43:29","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-solarwinds-corporation-of-class-action-lawsuit-and-up-coming-deadline-swi-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-solarwinds-corporation-of-class-action-lawsuit-and-up-coming-deadline-swi-2\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in SolarWinds Corporation of Class Action Lawsuit and Up Coming Deadline – SWI"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n NEW YORK<\/span>, March 3, 2021<\/span> \/PRNewswire\/ —\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) and certain of its officers.\u00a0 The class action, filed in the United States<\/span> District Court for the Western District of Texas<\/span>, and docketed under 21-cv-00047, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise, acquired publicly traded SolarWinds securities from February 24, 2020<\/span> through December 15, 2020<\/span>, inclusive (the “Class Period”).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).<\/p>\n

If you are a shareholder who purchased SolarWinds securities during the Class Period, you have until March 5<\/span>, 2021\u00a0to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at www.pomerantzlaw.com<\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby<\/span> at newaction@pomlaw.com<\/a>\u00a0or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0 <\/p>\n

\n
\n [Click here for information about joining the class action]<\/b>
\n <\/a>\n <\/p>\n

SolarWinds purports to provide information technology (IT) infrastructure management software products in the United States<\/span> and internationally.\u00a0 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.<\/p>\n

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies.\u00a0 Specifically, Defendants made false and\/or misleading statements and failed to disclose to investors that:\u00a0 (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.<\/p>\n

On December 13, 2020<\/span>, Reuters <\/i>reported that hackers alleged to be working for the Russian government had monitored email traffic at the U.S. Treasury and Commerce departments and that the alleged hackers are believed to have gained access to the agencies’ email traffic by deceptively interfering with updates released by SolarWinds, which services various government vendors in the executive branch, the military, and the intelligence services.<\/p>\n

On December 14, 2020<\/span>, SolarWinds filed a Form 8-K with the SEC, disclosing that it had been the subject of hack on its Orion monitoring products.\u00a0 <\/p>\n

On this news, the Company’s shares fell $3.93<\/span> per share, or 17%, to close at $19.62<\/span> per share on December 14, 2020<\/span>, damaging investors.<\/p>\n

On December 15, 2020<\/span>, Reuters <\/i>published an article stating that, last year, security researcher Vinoth Kumar<\/span> “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.'”\u00a0 The article also disclosed that, according to Kyle Hanslovan<\/span>, the cofounder of Maryland<\/span>-based cybersecurity company Huntress, “days after SolarWinds realized their software had been compromised, the malicious updates were still available for download.”<\/p>\n

On this news, the Company’s shares fell $1.56<\/span> per share or 8% to close at $18.06<\/span> per share on December 15, 2020<\/span>, damaging investors.<\/p>\n

The Pomerantz Firm, with offices in New York<\/span>, Chicago<\/span>, Los Angeles<\/span>, and Paris<\/span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz<\/span>, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com<\/a>.<\/p>\n

\n CONTACT:
<\/b>
\n Robert S. Willoughby<\/span>
\n
Pomerantz LLP
rswilloughby@pomlaw.com<\/a>
888-476-6529 ext. 7980<\/p>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert–pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-solarwinds-corporation-of-class-action-lawsuit-and-up-coming-deadline–swi-301239241.html<\/a><\/p>\n

SOURCE Pomerantz LLP<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire NEW YORK, March 3, 2021 \/PRNewswire\/ —\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) and certain of its officers.\u00a0 The class action, filed in the United States District Court for the Western District of Texas, and docketed under 21-cv-00047, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise, acquired publicly traded SolarWinds securities from February 24, 2020 through December 15, 2020, inclusive (the “Class Period”).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). If you are a shareholder who … <\/p>\n

Continue reading “SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in SolarWinds Corporation of Class Action Lawsuit and Up Coming Deadline – SWI”<\/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-449130","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in SolarWinds Corporation of Class Action Lawsuit and Up Coming Deadline - SWI - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-solarwinds-corporation-of-class-action-lawsuit-and-up-coming-deadline-swi-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in SolarWinds Corporation of Class Action Lawsuit and Up Coming Deadline - SWI - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, March 3, 2021 \/PRNewswire\/ —\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) and certain of its officers.\u00a0 The class action, filed in the United States District Court for the Western District of Texas, and docketed under 21-cv-00047, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise, acquired publicly traded SolarWinds securities from February 24, 2020 through December 15, 2020, inclusive (the “Class Period”).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 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SWI - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-solarwinds-corporation-of-class-action-lawsuit-and-up-coming-deadline-swi-2\/","og_locale":"en_US","og_type":"article","og_title":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in SolarWinds Corporation of Class Action Lawsuit and Up Coming Deadline - SWI - Market Newsdesk","og_description":"PR Newswire NEW YORK, March 3, 2021 \/PRNewswire\/ —\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against SolarWinds Corporation (“SolarWinds” or the “Company”) (NYSE: SWI) and certain of its officers.\u00a0 The class action, filed in the United States District Court for the Western District of Texas, and docketed under 21-cv-00047, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise, acquired publicly traded SolarWinds securities from February 24, 2020 through December 15, 2020, inclusive (the “Class Period”).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 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