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SolarWinds tells US judge SEC undermined its case at oral argument that company was negligent

( May 17, 2024, 19:05 GMT | Official Statement) -- MLex Summary: SolarWinds told a New York federal judge that admissions by the US Securities and Exchange Commission at a May 15 hearing on the company's effort to dismiss the SEC's suit "undermines" the regulator's key allegation that SolarWinds failed its legal responsibility to disclose a material cyberattack. The SEC's "admission completely undermines any argument that the PAN [Palo Alto Networks] report evidenced that 'someone [was] looking to use Orion in a broader attack,' or that [SolarWinds security chief Timothy] Brown was reckless or negligent in failing to so conclude. In short, the admission dooms the SEC’s arguments that the combination of the [US Department of Justice Trustee Program] and PAN incidents somehow made the Company’s risk disclosure false or misleading, let alone in a way that could give rise to a strong inference of scienter," SolarWinds said in a court filing.See attached document....

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