"The suit, initially filed in 2023, alleged that SolarWinds and its chief information security officer, Timothy Brown, defrauded investors over a two-year period by not disclosing cybersecurity weaknesses between the company's initial public offering in October 2018 and December 2020."
"It was revealed in late 2020 that Kremlin-linked hackers leveraged what later became known as the Sunburst trojan that allowed them to access the SolarWinds Orion IT management software, letting the Russian operatives breach networks of multiple federal agencies, including the National Nuclear Security Administration."
"We are clearly delighted with the dismissal of the case against SolarWinds and our CISO, Tim Brown. We fought with conviction, arguing that the facts demonstrated our team acted appropriately - this outcome is a welcome vindication of that position."
The Securities and Exchange Commission dismissed a 2023 lawsuit that had accused SolarWinds and CISO Timothy Brown of defrauding investors by failing to disclose cybersecurity weaknesses between the October 2018 IPO and December 2020. The Sunburst trojan, used by Kremlin-linked hackers, enabled access to SolarWinds Orion software and allowed breaches of multiple federal agencies including the National Nuclear Security Administration. The dismissal notice was filed in the Southern District of New York. Dozens of cybersecurity leaders had criticized the suit, warning it could chill security efforts and worsen CISO retention. SolarWinds expressed relief and said it will refocus on customers and security.
Read at Nextgov.com
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