Westlaw News

SolarWinds shareholders sue over cybersecurity disclosures

An investor has sued software company SolarWinds Corp in Texas federal court, alleging it damaged shareholders by failing to quickly disclose vulnerabilities that may have exposed thousands of customers, including United States government agencies, to hackers.

In the proposed class action filed on Monday, investor Timothy Bremer, represented by Steckler Wayne Cochran and The Rosen Law Firm, seeks damages for a plunge in SolarWinds’ share price that occurred after Reuters broke the news that suspected Russian hackers had used hijacked SolarWinds software updates to break into U.S. government agencies including the Treasury and Commerce departments. While the full extent of hacks tied to the compromised software is unknown, corporate victims include Cox Communications Inc, Cisco Systems Inc and Microsoft Corp.

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