SOURCE: Brower Piven, A Professional Corporation

October 25, 2010 12:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in SolarWinds, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 14, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - October 25, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of the common stock of SolarWinds, Inc. ("SolarWinds" or the "Company") (NYSE: SWI) during the period between February 8, 2010 and July 21, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 14, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint charges SolarWinds and certain of its officers and/or directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period the existence of material problems with SolarWinds' license revenues and sales to the U.S. federal government, as well as material problems within the Company's sales management team that prevented SolarWinds from accurately predicting the Company's ability to make and maintain sales. According to the complaint, after, on July 21, 2010, the Company cut its then recently reaffirmed and raised revenue guidance because there had been a 44% decline in U.S. federal government sales that was caused by the inability of the Company's "US federal sales management team to predict and positively influence" the pace of sales, multiple analysts downgraded SolarWinds, and the value of SolarWinds stock declined significantly.

If you have suffered a net loss for all transactions in SolarWinds, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact