NEW YORK, Sept. 10, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that a class action lawsuit has been commenced in the United States District Court for the Western District of Texas on behalf of all persons or entities that purchased or otherwise acquired SolarWinds, Inc. ("SolarWinds" or the "Company") (NYSE:SWI) securities between April 28, 2015 and July 16, 2015, inclusive, (the "Class Period").
If you purchased SolarWinds securities during the Class Period, you may, no later than September 29, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the SolarWinds Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose, among others: (1) that the Company's domestic business was struggling; (2) that the Company's growth of core license products and resulting license revenue was lower than expectations and guidance; (3) that the overall quality of the "demand capture" the Company was garnering for certain core products was dropping; and (4) that as a result of the foregoing, defendants' statements were materially false and misleading at all relevant times.
On July 16, 2015, SolarWinds announced that its second quarter earnings failed to meet its revenue forecast. Additionally, SolarWinds lowered its full-year 2015 outlook from $512-$527 million to $502-$512 million. On this news, shares of SolarWinds fell $11.51 per share or over 24% to close at $35.54 per share on July 17, 2015.
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