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CrowdStrike is sued by shareholders over huge software outage
(www.reuters.com)
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this post was submitted on 01 Aug 2024
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Technology
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Buying stock is a risk. If you don't know what you're buying, don't be surprised when it fails.
I'm exhausted with investors thinking they aren't subject to risk. Fuck em all.
Risks are normally outside the reasonable control of the company. For example, sales not hitting the target. They can’t just press a button and up goes the sales.
This was entirely within the company’s control. That risk shouldn’t ever be there at all. They could’ve avoided the entire situation if they chose not to ship the faulty software.
Brilliant. Simply write software without bugs. You should certainly be in charge.
Or just test the damn thing before shipping it to customers. That’s standard practice in the software industry.
If they had just installed it on one of their own Windows machines, none of this would’ve happened.
Testing? You expect this person to consider testing?
That's an extra step that will realistically lead to more work! That's outrageous, can't have that. Just won't do.
If you own shares of a company, you literally own part of that company. To be able to sell shares of your company, you have legal obligations. By putting your shareholders capital at risk by unsafe practices, you fail to deliver on your obligations and can be held liable. Shareholders of large companies are not exclusively greedy investors. Retirement funds can also be backed by capital that is bound in stocks. If your fund holds shares that lost value due to incompetence of the company executives, it is similarly your legal obligation to take legal action in the interest of the people who paid into your fund.
By suing themselves, they are losing out. Like, if you don't like the leadership, then get rid of them, that's why you have a board of directors. These lawsuits from shareholders is stupid.