U.S.“We don’t think anyone else in the market is really even close in terms of the breadth of coverage we have,” he said. SolarWinds shareholders sue over cybersecurity disclosures
![kevin thompson solarwinds kevin thompson solarwinds](https://www.channele2e.com/wp-content/uploads/2019/04/Doron-Gordon-300x300.jpg)
21-00138.įor the proposed class: John Rizio-Hamilton, Jonathan Uslaner, Benjamin Horowitz and Thomas Sperber of Bernstein Litowitz Berger & Grossmannįor SolarWinds and executives: Paul Bessette, Michael Biles, Saliya Subasinghe and Jessica England of King & SpaldingĪdditional counsel for Thompson: Peter Welsh, Thomas Brown and Kathryn Caldwell of Ropes & Grayįor Silver Lake: Jesse Weiss of Edmundson Shelton Weiss and Sameer Advani and Wesley Powell of Willkie Farr & Gallagherįor Thoma Bravo: Anna Rotman, Sandra Goldstein, Stefan Atkinson and Byron Pacheco of Kirkland & Ellis District Court, Western District of Texas, No.
![kevin thompson solarwinds kevin thompson solarwinds](https://www.crn.com/resources/0265-114fbbf667fc-986e0e949cb3-1000/sudhakar-ramakrishna-pulse-secure.jpg)
The case is In re SolarWinds Corporation Securities Litigation, U.S. Thompson's motion called the allegation about his motives "incoherent" and said the lawsuit failed to allege he made misstatements.
![kevin thompson solarwinds kevin thompson solarwinds](https://orangematter.solarwinds.com/wp-content/uploads/2020/08/2007_OM_blog_respect-300x173.png)
#KEVIN THOMPSON SOLARWINDS SOFTWARE#
The lawsuit contained no allegations that they exercised control over the software company's operations or cybersecurity disclosures, they said. The private investors argued their separate stakes in the company and appointment of three members each to its ten-member board did not make them "control persons" under U.S. Thompson and the two private equity firms separately moved to dismiss the claims against them on Monday. It claimed those decisions were part of former chief executive Kevin Thompson's attempt to cut costs and drive profits for Silver Lake and Thoma Bravo, which each held around 40% of SolarWinds' stock. The pension fund's complaint cites anonymous former employees who claimed the company lacked internal cybersecurity personnel, policies and training. Investors sued SolarWinds early this year, alleging the company and two executives touted cybersecurity measures publicly while prioritizing cost cutting and profit for SolarWinds' two largest investors. The United States and Britain have blamed Russia's Foreign Intelligence Service for the hack that compromised nine U.S. regulators found that a breach of SolarWinds' software by a foreign actor gave hackers access to the data of thousands of companies and government offices that used its products. "The cyberattack and the ensuing decline in SolarWinds’ stock price were materializations of risks about which the company explicitly and repeatedly warned investors," SolarWinds said.Īttorneys for the New York pension fund leading the litigation declined to comment on Tuesday. The Austin-based company said in a motion to dismiss the proposed class action on Monday that it had never claimed to be immune to cyberattacks, and that the lawsuit failed to allege how statements about the company's cybersecurity measures were false. (Reuters) - SolarWinds Corp urged a Texas federal judge to dismiss a lawsuit alleging the software company that was targeted by hackers misled shareholders about its cybersecurity measures ahead of a massive breach. We welcome feedback, which you can provide using the feedback tab on the right of the page. We are improving this feature as we continue to test and develop in beta.
![kevin thompson solarwinds kevin thompson solarwinds](https://cdn.i-scmp.com/sites/default/files/d8/images/methode/2020/12/22/093fc206-43fa-11eb-be92-09cd005df0bf_image_hires_103014.jpg)
The company and law firm names shown above are generated automatically based on the text of the article. Two biggest shareholders were also sued, seek to dismiss claims.Company says market was warned of security risks.Lawsuit claims investors misled before 2020 breach revelation.