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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 ...
Delta’s lawsuit filed in Fulton County Superior Court called the faulty software update from CrowdStrike “catastrophic” and said the firm “forced untested and faulty updates to its ...
On 19 July at 04:09 UTC, CrowdStrike distributed a faulty configuration update for its Falcon sensor software running on Windows PCs and servers. A modification to a configuration file which was responsible for screening named pipes, Channel File 291, caused an out-of-bounds memory read [14] in the Windows sensor client that resulted in an invalid page fault.
Further, CrowdStrike disclosed that the outages had left users vulnerable to potential hacking threats. On this news, shares of CrowdStrike fell $38.09, or 11%, to close at $304.96 on July 19, 2024. As more information came to light regarding the outages, the Company's stock continued to decline, closing at $233.64 on July 30, 2024.
In its lawsuit, Delta claims that the outage occurred because CrowdStrike failed to test the update before rolling it out worldwide. Delta canceled about 7,000 flights over a five-day period during the peak summer vacation season. The outage also affected banks, hospitals and other businesses.
The airline contends that CrowdStrike's negligence in software testing and deployment directly resulted in the operational disruptions. In response, CrowdStrike has acknowledged the faulty update but disputes the extent of its liability, attributing Delta's prolonged recovery to the airline's internal IT management.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 ...
(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 ...