PHILADELPHIA, Jan. 14, 2021 /PRNewswire/ -- Berger Montague is investigating potential securities fraud claims against SolarWinds Corporation ("SolarWinds" or the "Company") on behalf of investors who purchased SolarWinds securities (NYSE: SWI) between February 24, 2020 and December 15, 2020 (the "Class Period").
If you purchased SolarWinds securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Donnell Much at firstname.lastname@example.org or (215) 875-4667, or contact us at www.bergermontague.com/solarwinds.
According to a recently filed lawsuit, throughout the Class Period, Defendants concealed from investors the fact that SolarWinds' Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran. Defendants also failed to disclose that the Company's update server had an easily accessible password, and thus, SolarWinds' customers – including the U.S. government – were vulnerable to cyberattack.
The suit alleges that investors began to learn the truth about the Company's inadequate security measures on December 13, 2020, when Reuters reported that Russian hackers had infiltrated the U.S. Treasury and Commerce departments' email systems through SolarWinds' Orion products. The next day, SolarWinds confirmed that the vulnerability was inserted in its Orion monitoring products and existed in updates released between March and June 2020.
Then, on December 15, 2020, Reuters published another report indicating that a security researcher had alerted SolarWinds more than a year ago to the fact that anyone could access the Company's update server by using the password "solarwinds123." The article further reported that even days after SolarWinds was made aware of its compromised software, the exposed updates were still available for download. These revelations caused the price of SolarWinds shares to decline a total of $5.52 per share, from a closing price of $23.55 on December 13, 2020 to a closing price of $18.03 on December 16, 2020, a loss of value of more than 23%.
If you purchased SolarWinds securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is March 5, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding SolarWinds are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate