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SolarWinds Inc (NYSE: SWI) Investor Securities Class Action Lawsuit 10/15/2010

  • If you purchased shares of SolarWinds Inc (NYSE: SWI), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
SolarWinds, Inc.
Security
NYSE: SWI

Case Name
SolarWinds Shareholder Class Action Lawsuit 10/15/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

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Class Period End
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Summary

May 12, 2011 - The case was voluntarily dismissed.

October 15, 2010 - An investor in shares of SolarWinds Inc (NYSE: SWI) filed a lawsuit in the U.S. District Court for the Northern District of Texas against SolarWinds Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 8, 2010 and July 21, 2010. According to the complaint the plaintiff alleges that SolarWinds Inc and certain of its officers and/or directors violated the Securities Exchange Act of 1934 by issuing between February 8, 2010 and July 21, 2010, materially false and misleading statements regarding its operations and its business and financial results and outlook. SolarWinds Inc's 12 months revenue more than tripped over the past four years. While SolarWinds Inc reported in 2006 $38.23million in Total Revenue it was able to report $116.45million in 2009. Its Net Income went from $9.59million to $29.51million over the same time period. Shares of SolarWinds Inc traded recently at $17.40 per share, down from its current 52weekHigh of $24.95 per share and SWI shares took a substantial hit in July when the company announced it would lower its guidance. On July 21, 2010, SolarWinds Inc cut its recently reaffirmed and raised revenue guidance, so the lawsuit. SolarWinds Inc announced, among other things, that it expects 2010 earnings of $0.67 to $0.70 per share on revenue of $146.0 million to $151.0 million.SolarWinds Inc's previous guidance was earnings of $0.72 to $0.75 per share on revenue of $159.0 million to $165.0 million and the current consensus earnings estimate is $0.73 per share on revenue of $159.8 million for the year ending December 31, 2010. Describing why SolarWinds Inc was abruptly cutting its financial forecasts, defendants revealed there had been a 44% decline in U.S. federal government sales that was caused by the inability of its US federal sales management team to predict and positively influence the pace of sales. . Shares of SolarWinds Inc went from almost $18 on July 15 to almost $12 on July 23 in response to the announcement