NEWTOWN,
Pa., Aug. 2, 2024 /PRNewswire/ -- Edelson
Lechtzin LLP, a leading class action law firm, announces the filing
of a class action lawsuit against CrowdStrike for violations of
federal securities laws on behalf of investors of CrowdStrike
Holdings, Inc. (NASDAQ: CRWD) common stock between November 29, 2023, and July 29, 2024 (the "Class Period"). To join
this case, go HERE.
Investors who purchased CrowdStrike stock may move the U.S.
District Court for the Western District of Texas to appoint them as lead plaintiff, no
later than September 30, 2024.
To learn more about the lead plaintiff selection process, call
Edelson Lechtzin LLP at 844-696-7492, or e-mail us at
elechtzin@edelson-law.com.
Background on CrowdStrike Holdings, Inc.
CrowdStrike is a leading global cybersecurity company
specializing in software solutions designed to prevent data
breaches.
The Securities Fraud Claims
The lawsuit alleges that, throughout the class
period, Defendants made materially false and misleading statements
and/or failed to disclose that: (i) CrowdStrike had instituted
deficient controls in its procedure for updating Falcon and was not
properly testing updates to Falcon before rolling them out to
customers; (ii) this inadequate software testing created a
substantial risk that an update to Falcon could cause major outages
for the significant number of the Company's customers; and (iii)
such outages could pose, and ultimately created, substantial
reputational harm and legal risk to CrowdStrike.
On July 19, 2024, a software
update from CrowdStrike caused extensive outages for millions of
Microsoft Windows users worldwide, affecting financial
institutions, government agencies, airlines and other businesses.
On news of the IT outage, CrowdStrike stock fell $38.09 per share, or 11%, to close at
$304.96 on July 19, 2024.
Then on July 22, 2024, in the
aftermath of the CrowdStrike outage, Congress summoned CrowdStrike
CEO George Kurtz to testify about
the incident. Additionally, analysts like Guggenheim and BTIG
downgraded the company's stock rating. On this news, CrowdStrike
stock fell $41.05 per share, or
13.5%, to close at $263.91 on
July 22, 2024.
The case is Plymouth County Retirement Association v.
CrowdStrike Holdings, Inc., Case No. 1:24-cv-00857 (W.D.
Tex.).
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with
offices in Pennsylvania and
California. In addition to cases
involving securities and investment fraud, our lawyers
focus on cases alleging violations of the federal antitrust laws,
breaches of ERISA fiduciary duties, wage theft, consumer
fraud, and data breaches.
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
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SOURCE Edelson Lechtzin LLP