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As I previously noted (here), late last week a CrowdStrike shareholder initiated a securities class action lawsuit against the company and certain of its executives based on allegations relating to the company’s alleged role in the recent global IT outage. As I think we all fully understood at the time, the company’s legal woes would hardly be contained to that single lawsuit. As might be expected, additional lawsuits have also started to arise, including an action filed against the company on Monday on behalf of all airline passengers whose air travel was disrupted by the IT outage. A copy of the new complaint against CrowdStrike can be found here.Continue Reading CrowdStrike Hit with Class Action Suit Filed on Behalf of Airline Passengers

The July 19, 2024 CrowdStrike Outage, which has been called the “largest outage in the history of information technology,” disrupted airlines, hospital, hotels, banks, retail businesses, and many other critical cogs in the wheels of commerce. The disruption and adverse publicity surrounding the incident also caused CrowdStrike’s share price to decline as well – over the course of several days following the incident, its shares declined about 30%, representing a market capitalization drop of nearly $12.5 billion. In a world where “everything, everywhere is securities fraud,” this surely seemed like a situation that would produce a securities class action lawsuit. Yet, surprisingly, no securities suit was filed. That is, until now.  Continue Reading CrowdStrike Hit with Outage-Related Securities Suit