A judge approved the merger of three separate class action lawsuits filed against SolarWinds over a 2020 hack and named a New York City pension fund as lead plaintiff as the organization laid out tens of thousands of dollars in stock losses that it claims resulted from the hack.
On Jan. 4, 2021, shareholder Timothy Bremer was named as lead plaintiff in a class action lawsuit against SolarWinds, alleging that the company and top executives deceived and misled investors about the cybersecurity risks they faced and the robust nature of safeguards that were put in place prior to the hack. They were quickly joined by two lawsuits led by another investor, Daniel Azpurua and the New York City District Council of Carpenters Pension Fund (NYC Carpenters).
Source: SolarWinds stockholders begin documenting financial losses
