CrowdStrike is facing a lawsuit from shareholders after a problematic software update caused a major disruption, affecting over eight million computers globally. The lawsuit alleges that the cybersecurity firm made "false and misleading" claims about the thoroughness of its software testing. It claims that the company's share price fell by 32% in the 12 days following the incident, resulting in a market value loss of $25 billion (£14.5 billion).

Filed in a federal court in Austin, Texas, the lawsuit accuses CrowdStrike executives of deceiving investors into believing that the software updates had been rigorously tested. The plaintiffs are seeking unspecified compensation for investors who held CrowdStrike shares between November 29 and July 29.

The complaint references remarks from CrowdStrike CEO George Kurtz, who, in a conference call on March 5, stated that the company’s software was "validated, tested, and certified." CrowdStrike has denied these allegations, asserting that the lawsuit lacks merit and that the company will defend itself vigorously.

In addition, Delta Air Lines' CEO, Ed Bastian, revealed in an interview with CNBC that the outage caused by the faulty update cost the airline $500 million, including lost revenue and passenger compensation. Delta is reportedly engaging a high-profile lawyer and plans to seek damages from CrowdStrike.

The update, which went awry on July 19, affected 8.5 million Microsoft Windows computers worldwide, leading to significant disruptions in various sectors such as airlines, banks, and hospitals. CrowdStrike has identified a "bug" in the system meant to verify the update’s functionality, which allowed "problematic content data" to go unnoticed. The company has pledged to enhance its software testing and review processes to prevent future incidents.