CrowdStrike boss apologises before US Congress for global IT outage

Published On Sep 24, 2024, 5:22 PM

CrowdStrike faced tough questioning in Congress regarding a software update that resulted in a widespread global IT outage on July 19, affecting millions of PCs, major payment services, flight operations, and hospital appointments. The company acknowledged the incident, termed as a 'perfect storm', and expressed commitment to prevent similar occurrences in the future. Meanwhile, CrowdStrike is dealing with multiple lawsuits, including claims from impacted Delta Airlines passengers and shareholders.

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Given the scrutiny CrowdStrike is under from Congress and the ongoing lawsuits which could lead to significant financial liabilities, there may be short-term negative sentiment around the stock. Potential operational setbacks or financial penalties might hinder investor confidence, leading to a possible decline in stock price.

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