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SWI.US
id: 486

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