An investigation on behalf of investors of SolarWinds Corporation (NYSE: SWI) shares over potential securities laws violations by SolarWinds Corporation and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of SolarWinds Corporation (NYSE: SWI) concerning whether a series of statements by SolarWinds Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Austin, TX based SolarWinds Corporation provides information technology (IT) infrastructure management software products in the United States and internationally. SolarWinds Corporation reported that its annual Total Revenue rose from $833.08 million in 2018 to $932.52 million in 2019 and that its EBIT increased from $20.29 million in 2018 to $135.57 million in 2019.

On December 13, 2020 it was reported that state-sponsored hackers are believed to have penetrated the IT systems of federal government agencies by manipulating software updates released by SolarWinds.

SolarWinds Corporation disclosed on December 14, 2020, that the hackers targeted its Orion monitoring product, interfering with updates between March and June 2020.

Shares of SolarWinds Corporation (NYSE: SWI) declined from $24.34 per share on December 9, 2020, to as low as $13.98 per share on December 18, 2020.