According to the lawsuit, the company made “false and misleading” statements about its software testing.
After the event x the company’s share price fell by 32% in the 12 days following the incident, causing a loss of $25bn (£14.5bn) in market value.
CrowdStrike denies the allegations and says it will defend itself against the proposed class action.
The suit, filed in federal court in Austin, Texas, alleges that CrowdStrike executives misled investors into believing that the company’s software updates were adequately tested.
The lawsuit seeks an unspecified amount in damages for investors who held CrowdStrike stock between Nov. 29 and July 29.
It cites CEO George Kurtz, who said in a March 5 conference call that the company’s software was “validated, tested and certified.”
CrowdStrike told BBC News it disputes the claims.
“We believe this case is without merit and will vigorously defend the company,” a spokesman said.
After the event x the company’s share price fell by 32% in the 12 days following the incident, causing a loss of $25bn (£14.5bn) in market value.
CrowdStrike denies the allegations and says it will defend itself against the proposed class action.
The suit, filed in federal court in Austin, Texas, alleges that CrowdStrike executives misled investors into believing that the company’s software updates were adequately tested.
The lawsuit seeks an unspecified amount in damages for investors who held CrowdStrike stock between Nov. 29 and July 29.
It cites CEO George Kurtz, who said in a March 5 conference call that the company’s software was “validated, tested and certified.”
CrowdStrike told BBC News it disputes the claims.
“We believe this case is without merit and will vigorously defend the company,” a spokesman said.
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04/08/2024
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#Digital #Blackout #Lawsuits #CrowdStrike #Dumped #Shareholders
