Steckler Wayne Cochran
Files Shareholder Suit Against SolarWinds
January 7, 2021
In conjunction with The Rosen Law
Firm, Steckler Wayne Cochran is representing shareholders of SolarWinds in a
class action against the company and its top executives.
As set forth in the lawsuit,
defendants throughout the Class Period made false and/or misleading statements
and/or failed to disclose that: (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. When the true
details entered the market, the lawsuit claims that investors suffered damages.
The Department of Justice Spokesman Marc
Raimondi issued the following statement:
Dec. 24, 2020, the Department of Justice’s Office of the Chief Information
Officer (OCIO) learned of previously unknown malicious activity linked to the
global SolarWinds incident that has affected multiple federal agencies and
technology contractors, among others. This activity involved access to the
Department’s Microsoft O365 email environment.
After learning of the malicious activity, the OCIO eliminated the identified
method by which the actor was accessing the O365 email environment. At this
point, the number of potentially accessed O365 mailboxes appears limited to
around 3-percent and we have no indication that any classified systems were
As part of the ongoing technical analysis, the Department has determined that
the activity constitutes a major incident under the Federal Information Security
Modernization Act, and is taking the steps consistent with that determination.
The Department will continue to notify the appropriate federal agencies,
Congress, and the public as warranted."