CrowdStrike Shareholders Sue Company for 'False and Misleading' Statements After Global Crash Results in $25 Billion Loss in Market Value

CrowdStrike, a cybersecurity firm, is being sued by its shareholders over a faulty software update that crashed over eight million Windows computers globally and caused major disruptions. The lawsuit accuses CrowdStrike of making "false and misleading" statements about adequately testing its software updates. CrowdStrike's share price dropped over 30% in the 12 days following the incident, resulting in an estimated $25 billion loss in market value. CrowdStrike denies the allegations in the lawsuit and says it will defend itself. The global outage lasted around ten days as CrowdStrike worked to fix the "bug" that allowed "problematic content data" to go undetected during the software update.