The company is accused of making "false and misleading" assurances about its software testing after last month's global crash.
ADVERTISEMENTCrowdStrike is being sued by shareholders after one of its software updates prompted more than eight million computers to crash on 19 July.
In the wake of the outage, flights were grounded, medical services were disrupted, and some broadcasters were forced off air.
A proposed lawsuit, filed on Tuesday in Austin, Texas, accuses CrowdStrike of misleading investors over the robustness of its software testing.
Crowdstrikes share price dropped 32% in the 12 days after the crash, wiping out $25 billion (€23.2 billion) of market value.
Now, investors who held shares in the company between 29 November last year and 29 July want to be compensated for losses on these assets.
They are claiming an unspecified amount in damages in a case led by the Plymouth County Retirement Association in Massachusetts.
The legal complaint specifically highlights statements made by CrowdStrike boss George Kurtz during a conference call on the 5 March.
The CEO said that CrowdStrike's software was "validated, tested and certified".
In a statement on Wednesday, CrowdStrike hit back against allegations.
"We believe this case lacks merit and we will vigorously defend the company," said CrowdStrike.
It is likely that CrowdStrike could face more lawsuits, including from Delta Air Lines.
Delta's CEO Ed Bastian told CNBC on Wednesday that the outage cost his firm around $500 million (€463.3 million), taking into account lost revenue and compensation for stranded passengers.
