Defendant Name:
SolarWinds Corporation
Defendant Type:
Public Company
Document Reference:
court_doc85_23-cv-09518
Document Details
Legal Case Name
SEC v. SolarWinds Corp. and Timothy G. Brown
Document Name
Amended Complaint
Document Date
16-Feb-2024
Document Format
Civil Proceeding
Case Number
23-cv-09518
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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.
Related Documents:
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."
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."
SEC Dismisses Civil Enforcement Action Against SolarWinds and Chief Information Security Officer
The SEC "filed a joint stipulation with Defendants SolarWinds Corporation and its Chief
Information Security Officer, Timothy G. Brown, to dismiss, with prejudice, the Commission's ongoing civil enforcement action . . . . As stated in the joint stipulation, the Commission's decision to seek dismissal is 'in the exercise of its discretion' and 'does not necessarily reflect the Commission's position on any other case.'"
Joint Stipulation to Dismiss, and Releases
"[T]he Commission and the Defendants stipulate that this Litigation be dismissed with prejudice as to the conduct alleged in the Amended Complaint through the date of the filing of this Stipulation, and without costs or fees to either party."
Other Defendants in Action:
