Solarwinds "Cybersecurity" shortfall Investors $26M Settlement

W.D. Texas

Court

1:21-cv-00138-RP

Case number

10/18/2018

Class period Start

12/17/2020

Class period End

07/07/2023

Claim deadline

SolarWinds (SWI) agreed to pay $26 million to settle a securities class action lawsuit to avoid further litigation.

The complaint alleged that the Company and its Leaders 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; 
All persons and entities who purchased or otherwise acquired the common stock of SolarWinds from October 18, 2018, through December 17, 2020, may be entitled to payouts.

Case Status

Distribution Preparation

Alleged Offence

Other

Suspected Party

Other

Security Type

Stocks

Trade Direction

Long

Filing date

01/04/2021

Plaintiffs

Timothy Bremer

Attorneys

Bernstein Litowitz Berger & Grossmann LLP (New York, NY), Martin & Drought, P.C. (San Antonio, TX)

Defendants

Kevin B. Thompson, Tim Brown, Thoma Bravo

Judge

Hon. Robert Pitman

Administrator

EPIQ

Court hearing date

07/28/2023

Exclusion deadline

07/07/2023

Objection deadline

07/07/2023

Trades matching type

FIFO

Disbursement date

07/25/2024

+$26,000,000

Cash Settlement Amount