CrowdStrike sued by shareholders over worldwide software outage
By MYBRANDBOOK
CrowdStrike has been sued by shareholders who alleged the cybersecurity company of defrauding them. In a proposed class action filed in the Austin, Texas federal court, shareholders said CrowdStrike concealed how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers. CrowdStrike's share price fell 32% over the next 12 days, wiping out $25 billion of market value.
According to the shareholders, CrowdStrike's assurances about its technology were materially false and misleading when a flawed software update disrupted airlines, banks, hospitals and emergency lines around the world.
The complaint cites statements including from a March 5 conference call where Kurtz characterised CrowdStrike's software as "validated, tested and certified."
In a statement on Wednesday, Austin-based CrowdStrike said, “We believe this case lacks merit and we will vigorously defend the company.”
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