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CrowdStrike Is Sued by Shareholders over Huge Software Outage

By Jonathan Stempel July 31 (Reuters) - CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could caus

CrowdStrike Is Sued by Shareholders over Huge Software Outage

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They closed at $343.05 on the day before the outage.</p><p>The case is Plymouth County Retirement Association v CrowdStrike Inc et al, U.S. District Court, Western District of Texas, No. 24-00857.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CrowdStrike Is Sued by Shareholders over Huge Software Outage</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrowdStrike Is Sued by Shareholders over Huge Software Outage\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-08-01 13:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>July 31 (Reuters) - CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers.</p><p>In a proposed class action filed on Tuesday night in the Austin, Texas federal court, shareholders said they learned that CrowdStrike&#39;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.</p><p>They said CrowdStrike&#39;s share price fell 32% over the next 12 days, wiping out $25 billion of market value, as the outage&#39;s effects became known, Chief Executive George Kurtz was called to testify to the U.S. Congress, and Delta Air Lines reportedly hired prominent lawyer David Boies to seek damages.</p><p>The complaint cites statements including from a March 5 conference call where Kurtz characterized CrowdStrike&#39;s software as &#34;validated, tested and certified.&#34;</p><p>In a statement on Wednesday, Austin-based CrowdStrike said: &#34;We believe this case lacks merit and we will vigorously defend the company,&#34; Kurtz and Chief Financial Officer Burt Podbere are also defendants.</p><p>The lawsuit led by the Plymouth County Retirement Association of Plymouth, Massachusetts, seeks unspecified damages for holders of CrowdStrike Class A shares between Nov. 29, 2023 and July 29, 2024.</p><p>Shareholders often sue companies after unexpected negative news causes stock prices to fall, and CrowdStrike could face more lawsuits.</p><p>Delta Chief Executive Ed Bastian told CNBC on Wednesday that the outage cost his airline $500 million, including lost revenue and compensation and hotels for stranded fliers.</p><p>CrowdStrike shares closed on Wednesday down $1.69 at $231.96. They closed at $343.05 on the day before the outage.</p><p>The case is Plymouth County Retirement Association v CrowdStrike Inc et al, U.S. District Court, Western District of Texas, No. 24-00857.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4528":"SaaS概念","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","CRWD":"CrowdStrike Holdings, Inc.","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","BK4532":"文艺复兴科技持仓","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","BK4008":"航空公司","BK4585":"ETF&股票定投概念","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4588":"碎股","BK4500":"航空公司","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","DAL":"达美航空","LU1548497426.USD":"安联环球人工智能AT Acc","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","BK4551":"寇图资本持仓","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4097":"系统软件","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","BK4560":"网络安全概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU1923622614.USD":"Natixis Thematics Meta R/A USD","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2456196031","content_text":"July 31 (Reuters) - CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers.In a proposed class action filed on Tuesday night in the Austin, Texas federal court, shareholders said they learned that 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.They said CrowdStrike's share price fell 32% over the next 12 days, wiping out $25 billion of market value, as the outage's effects became known, Chief Executive George Kurtz was called to testify to the U.S. Congress, and Delta Air Lines reportedly hired prominent lawyer David Boies to seek damages.The complaint cites statements including from a March 5 conference call where Kurtz characterized 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,\" Kurtz and Chief Financial Officer Burt Podbere are also defendants.The lawsuit led by the Plymouth County Retirement Association of Plymouth, Massachusetts, seeks unspecified damages for holders of CrowdStrike Class A shares between Nov. 29, 2023 and July 29, 2024.Shareholders often sue companies after unexpected negative news causes stock prices to fall, and CrowdStrike could face more lawsuits.Delta Chief Executive Ed Bastian told CNBC on Wednesday that the outage cost his airline $500 million, including lost revenue and compensation and hotels for stranded fliers.CrowdStrike shares closed on Wednesday down $1.69 at $231.96. 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