Case Summary

CrowdStrike

NASDAQ: CRWD

Case Details

  • Plymouth County Retirement Association v. Crowdstrike Holdings, Inc. et al.
  • Class Period:November 29, 2023 - July 29, 2024
  • Date Filed:July 30, 2024
  • Jurisdiction:U.S. District Court, Western District of Texas
  • Docket Number: 1:24-cv-00857
  • Lead Plaintiff Deadline: September 30, 2024
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Overview

A class action lawsuit has been filed against CrowdStrike Holdings, Inc. (“CrowdStrike” or the “Company”) (NASDAQ: CRWD) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The CrowdStrike class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired CrowdStrike Class A common stock between November 29, 2023, and July 29, 2024, both dates inclusive (the “Class Period”).  Investors have until September 30, 2024, to seek appointment as lead plaintiff of the CrowdStrike class action lawsuit.

CrowdStrike, headquartered in Austin, Texas, is a global cybersecurity company that provides software that helps prevent data breaches.  CrowdStrike’s customers are major corporations across several industries including airlines, banks, hospitals, and telecommunications providers as well as government entities.  CrowdStrike’s main product is the Falcon software platform, which purportedly uses artificial intelligence and machine learning technologies to detect, prevent, and respond to security breach threats.  The Falcon software is embedded in the computers of CrowdStrike’s customers and requires constant updates.

The CrowdStrike class action lawsuit alleges that Defendants, throughout the Class Period, repeatedly touted the efficacy of the Falcon platform while assuring investors that CrowdStrike’s technology was “validated, tested, and certified.”  The Complaint alleges that these statements were false and misleading because Defendants had failed to disclose that: (1) 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; (2) this inadequate software testing created a substantial risk that an update to Falcon could cause major outages for a significant number of the Company’s customers; and (3) such outages could pose, and in fact ultimately created, substantial reputational harm and legal risk to CrowdStrike.  As a result of these materially false and misleading statements and omissions, CrowdStrike stock traded at artificially high prices during the Class Period.

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If you purchased or otherwise acquired CrowdStrike Class A common stock between November 29, 2023, and July 29, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]

The deadline to apply to the Court to serve as a lead plaintiff in the CrowdStrike lawsuit is September 30, 2024.

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