Jennifer Lee

The SEC’s high-profile litigation against SolarWinds and its Chief Information Security Officer (CISO), Timothy G. Brown, reached a critical turning point on July 18, 2024, when a district Client Alert: Key Takeaways from the Motion to Dismiss Ruling in SEC v. SolarWinds et al.court in the Southern District of New York issued a ruling granting in large part, but denying in part, the defendants’ motion to dismiss. In its extensive opinion and order spanning 107 pages, the court: (1) denied the defendants’ motion to dismiss with respect to securities fraud claims premised on the company’s Security Statement posted on its website, permitting the SEC to continue pursuing those claims; (2) dismissed the SEC’s securities fraud claims based on certain statements made by Brown in press releases, blog posts, and podcasts; (3) dismissed the SEC’s securities fraud claims premised on risk factor disclosures; (4) dismissed the SEC’s securities fraud claims regarding certain of the misleading disclosures made after the incident; (5) dismissed the SEC’s internal accounting controls claim; and (6) dismissed the SEC’s disclosure controls and procedure claim.[1]

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Environmental attorney Eddie Ahn has spent his entire professional life advocating for sustainability in underserved and underrepresented communities through the San Francisco nonprofit Brightline Defense since 2009. His dedication to environmental justice activism as its executive director has given him enough clout to serve on three commissions, one of which — the SF Commission on […]

The SEC recently announced disclosure settlements against four current and formerly public companies impacted by the highly publicized compromise of SolarWinds’ signature network monitoring software, Orion. The settlements generally found that these companies used SolarWinds’ Orion software, learned that the threat actor behind the SolarWinds Orion compromise had accessed their systems, and subsequently minimized the cybersecurity incident in their public disclosures. This client alert analyzes the cases and provides key takeaways for public companies.