SWI INVESTOR FRAUD INVESTIGATION: Hagens Berman, National Trial Attorneys, Investigating ...
SAN FRANCISCO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges SolarWinds Corporation (NYSE: SWI) investors with significant losses to submit your losses now. Certain investors may have valuable claims. The firm also welcomes contacts by persons who may be able to assist the investigation.
SolarWinds Corporation (SWI) Investigation:
The investigation centers on whether SolarWinds misled investors about the security of its IT monitoring products.
More specifically, on Dec. 13, 2020, Reuters reported hackers believed to be working for Russia have been monitoring email traffic at the U.S. Treasury and Commerce departments and the cyberspies are believed to have gotten in by surreptitiously tampering with updates released by SolarWinds, which serves government customers across the executive branch, the military, and the intelligence services.
On Dec. 14, 2020, SolarWinds announced it has evidence that the vulnerability was inserted in its Orion monitoring products and existed in updates released between March and June 2020.
On Dec. 15, 2020, Reuters reported that (1) security researcher Vinoth Kumar alerted SolarWinds last year that anyone could access the company’s update server by using the password “solarwinds123,” and (2) Kyle Hanslovan, co-founder of cybersecurity company Huntress, noticed that even days after SolarWinds knew their software was compromised the malicious updates were still available for download.
Days before these disclosures, two investors who reportedly control six of SolarWinds eleven-member board of directors sold approximately $285 million shares of company stock. The Washington Post reported “‘Of course the SEC is going to take a look at that,’ said Jacob S. Frenkel, a former senior counsel in the SEC’s Division of Enforcement. ‘Large trades in advance of a major announcement, then an announcement: That’s a formula for an insider trading investigation.’”
“We’re focused on who at SolarWinds knew about the security vulnerabilities and when,” said Reed Kathrein, the Hagens Berman partner leading the investigation. “The huge insider sales just days before the news are mindboggling.”
If you are a SolarWinds investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding SolarWinds Corporation should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SWI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895