Defendant Name: SolarWinds Corporation

Defendant Type: Public Company
SIC Code: 7372
CUSIP: 83417Q20

Initial Case Details

Legal Case Name SEC v. SolarWinds Corp. and Timothy G. Brown
First Document Date 30-Oct-2023
Initial Filing Format Civil Proceeding
Case Number 23-cv-09518
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)
Additionally, Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Rule 12b-20 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Sec 13(a) of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Rule 13a-1 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Rule 13a-11 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Rule 13a-13 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Rule 13a-15 of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Timothy G. Brown is alleged to have aided and abetted SolarWinds Corporation's violation of Sec 17(a) (Not specified) of the Securities Act.

Resolutions

First Resolution Date

Related Documents:

comp-pr2023-227 30-Oct-2023 Complaint
Complaint
The SEC stated: "From at least October 2018 through at least January 12, 2021 (the “Relevant Period”), Defendants SolarWinds and its then-Vice President of Security and Architecture, Brown, defrauded SolarWinds’ investors and customers through misstatements, omissions, and schemes that concealed both the Company’s poor cybersecurity practices and its heightened— and increasing—cybersecurity risks."
2023-227 30-Oct-2023 Press Release--Civil Action
SEC Charges SolarWinds and Chief Information Security Officer with Fraud, Internal Control Failures
On October 30, 2023, the SEC "announced charges against Austin, Texas-based software company SolarWinds Corporation and its chief information security officer, Timothy G. Brown, for fraud and internal control failures relating to allegedly known cybersecurity risks and vulnerabilities."
LR-25887 31-Oct-2023 Litigation Release
SEC Charges SolarWinds and Chief Information Security Officer with Fraud, Internal Controls Failures
On October 31, 2023, the SEC "announced charges against Austin, Texas-based software company SolarWinds Corporation and its chief information security officer, Timothy G. Brown, for fraud and internal control failures relating to allegedly known cybersecurity risks and vulnerabilities."
court_doc85_23-cv-09518 16-Feb-2024 Complaint
Amended Complaint
On February 16, 2024, the SEC submitted an amended complaint against SolarWinds Corp. for "long-standing, pervasive, systemic, and material cybersecurity deficiencies", which culminated in "a massive cyberattack--which exploited some of SolarWinds' poor cybersecurity practices" as well as "materially false and misleading statements" regarding these deficiencies.

Other Defendants in Action:

Timothy G. Brown