BOSTON, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors of the firm’s investigations of SolarWinds Corp. (NYSE: SWI) and Pluralsight, Inc. (NASDAQ: PS) for potential breaches of fiduciary duty. If you are a shareholder of SWI or PS, and have questions about your legal rights or possess information relevant to these matters, you are strongly encouraged to contact Block & Leviton. Further details about the investigations are described below. There is no cost or obligation to you.
SWI Shareholders – Click Here: https://www.blockleviton.com/cases/swi
PS Shareholders – Click Here: https://www.blockleviton.com/cases/pluralsight
SolarWinds Corp. (NYSE: SWI)
On December 14, 2020, SolarWinds announced that it had become “aware of a cyberattack that inserted a vulnerability within its Orion monitoring products which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products run.” On this news, SolarWinds’ shares plunged $3.93 per share, or around 17%. Significantly, in the days leading up to this announcement and stock drop, SolarWinds insiders sold over $285 million worth of Company stock. Jacob S. Frenkel, a former senior counsel in the SEC’s Division of Enforcement, said “[o]f course the SEC is going to take a look at that . . . . Large trades in advance of a major announcement, then an announcement. That’s a formula for an insider trading investigation.”
On December 8, 2020, cybersecurity company FireEye, Inc. announced that it had been attacked by a highly sophisticated cyber threat actor and was investigating the breach with the FBI. On December 13, 2020, FireEye announced that the “compromise is delivered through updates to a widely-used IT infrastructure management software – the Orion network monitoring product from SolarWinds.” Block & Leviton’s investigation is focused on who at SolarWinds knew about the security vulnerabilities and when.
Pluralsight, Inc. (NASDAQ: PS)
Block & Leviton is investigating the proposed merger involving Pluralsight. In this proposed merger, Pluralsight would sell itself to Vista Equity Partners for $20.26 per share, or approximately $3.5 billion in total. Pluralsight and Vista Equity Partners entered into the merger agreement on December 11, 2020. Under the terms of the agreement, each share of Class A common stock of Pluralsight outstanding at the time of the proposed closing of the merger would be cancelled and converted into the right to receive $20.26. The closing of the merger agreement is subject to certain conditions. Block & Leviton is investigating potential breaches of fiduciary duty and/or violations of the federal securities laws by the officers and/or directors of Pluralsight.
If you are a SWI or PS shareholder and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
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Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com