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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
18 Oct 2018
Class period Start
17 Dec 2020
Class period End
07 Jul 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
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
04 January 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
28 July 2023
Exclusion deadline
07 July 2023
Objection deadline
07 July 2023
Trades matching type
FIFO
+$26,000,000
Cash Settlement Amount

SolarWinds Corp

SolarWinds Corporation provides information technology (IT) management software products in the United States and internationally. It provides a suite of network management software that offers rea...

    Ticker
    SWI.US
    ISIN
    US83417Q2049
    CIK
    1428669
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    Building 400, Austin, TX, United States, 78735