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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:

"On 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 impacted.

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."

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