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US SEC defends fraud claims against SolarWinds

( May 24, 2024, 19:49 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission told a federal judge that it is neither distorting the facts nor intentionally omitting material information in a fraud case against SolarWinds. The SEC responded to a letter by SolarWinds saying that the admissions by the agency at a hearing on the company's effort to dismiss the suit "undermines" the regulator's key allegation that SolarWinds failed its legal responsibility to disclose a material cyberattack. “[T]he allegations in the amended complaint are well-grounded in facts uncovered during the SEC’s investigation. And whether the October 2020 attack on SolarWinds’ Orion program occurred during a red team exercise by Palo Alto Networks is irrelevant to those allegations. At most, defendants’ letter highlights a factual dispute that is neither a sufficient basis for a motion to dismiss nor for allegations that the SEC sought to mislead the court,” it said.See document below. ...

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