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Securities Fraud SolarWinds

Morgan Lewis

Securities Enforcement Roundup – July 2024

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In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments and cases from last month. In July 2024: A district court dismissed several of the SEC’s claims against...more

Woodruff Sawyer

Violent Delights, Violent Ends? Two Possible Futures of SEC Cyber Regulation

Woodruff Sawyer on

What do the SolarWinds ruling and other recent developments mean for the future of the SEC’s cyber regulatory program? Will the SEC’s “lack of moderation” result in “violent ends” for its cyber agenda? Or will the current...more

Blank Rome LLP

Court Dismisses Most of SEC’s Cyber Case Against SolarWinds

Blank Rome LLP on

In an impactful decision that may limit the scope of future Securities and Exchange Commission (“SEC”) enforcement efforts against public companies over inadequate cyber controls, the U.S. District Court for the Southern...more

Holland & Knight LLP

SEC Cyber Enforcement Update: Which Way Are the SolarWinds Blowing? (Update)

Holland & Knight LLP on

This Holland & Knight blog post is the second installment in a two-part series that examines the challenges to the U.S. Securities and Exchange Commission's (SEC) charges in its landmark case against SolarWinds Corp....more

White & Case LLP

Judge Rejects SEC’s Aggressive Approach to Cybersecurity Enforcement

White & Case LLP on

On July 18, 2024, a New York federal judge dismissed most of the US Securities and Exchange Commission’s ("SEC") claims against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer...more

BCLP

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

BCLP on

On July 18, 2024, District Court Judge Engelmayer of the Southern District of New York issued his 107-page opinion and order dismissing most – but not all – of the landmark allegations of the SEC against SolarWinds Corp. and...more

Alston & Bird

First of Its Kind: Federal Court Dismisses Majority of SEC’s SolarWinds Action but Maintains Claims Against CISO Defendant

Alston & Bird on

The Securities and Exchange Commission’s cybersecurity-related case against SolarWinds and its CISO was largely dismissed, but a securities fraud claim against the CISO lives on. Our Securities Litigation, Privacy, Cyber &...more

Parker Poe Adams & Bernstein LLP

Key Lessons for Cybersecurity and IT Leaders From Judge's Recent Fraud Decision in SEC Case Against SolarWinds

On July 18, a New York federal judge threw out most of the SEC’s claims brought against both SolarWinds Corp. and the company’s chief information security officer (CISO), Timothy Brown....more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Federal Securities Liability for Cyberattacks – Recent Decision Offers Important Guidance

On July 18, 2024, Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York issued a 107 page Opinion and Order that provides useful guidance to companies attempting to assess their...more

Davis Wright Tremaine LLP

District Court Dismisses Majority of SEC Complaint Against SolarWinds and Its CISO

The U.S. District Court for the Southern District of New York has dealt a significant blow to the cybersecurity enforcement efforts of the U.S. Securities and Exchange Commission (SEC or Commission). In its July 18, 2024,...more

Fenwick & West LLP

SEC v. SolarWinds: Court Dismisses the Majority of the SEC’s Securities Fraud Claims

Fenwick & West LLP on

On July 18, Judge Paul Engelmayer of the Southern District of New York issued a lengthy order dismissing the majority of the SEC’s enforcement case against SolarWinds Corporation (SolarWinds) and its CISO, Timothy Brown. The...more

Constangy, Brooks, Smith & Prophete, LLP

SolarWinds case could establish SEC liability for CISOs

On October 30, 2023, the Securities and Exchange Commission filed a securities fraud claim in federal court in the Southern District of New York against SolarWinds Corporation as well as its Chief Information Security...more

Orrick, Herrington & Sutcliffe LLP

The SEC’s Fraud Suit Against SolarWinds: 3 Cybersecurity Action Items for Companies to Consider

The U.S. Securities and Exchange Commission (SEC) has filed a fraud suit against SolarWinds and its chief information security officer (CISO), alleging they made false statements regarding the company’s security practices and...more

Morrison & Foerster LLP

A New Frontier for SEC Cybersecurity Enforcement? The SEC Charges SolarWinds and its CISO with Securities Fraud

Earlier this week, the SEC accused SolarWinds Corporation (“SolarWinds” or the “Company”) and its Chief Information Security Officer (“CISO”) of committing scienter-based securities fraud, among other violations, for...more

Cooley LLP

SEC charges SolarWinds and CISO with securities fraud and control failures

Cooley LLP on

You remember the 2020 SolarWinds hack, perhaps one of the worst cyberattacks in history? As NPR described it in 2021, we all regularly receive routine software updates like this one...more

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