News & Analysis as of September 18, 2024

Cybersecurity › Misleading Statements

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

New York Federal Court Refuses to Extend Accounting Controls Requirements to Cybersecurity Controls

Steptoe & Johnson PLLC on 8/8/2024

Section 13(b)(2)(B) of the Securities Exchange Act of 1934 requires public companies to “devise and maintain a system of internal accounting controls.” In a recent opinion, a New York federal court rejected the Securities...more

Takeaways From the Dismissal of SEC Claims Against SolarWinds and Its CISO

Skadden, Arps, Slate, Meagher & Flom LLP on 8/8/2024

The U.S. District Court for the Southern District of New York has dismissed many of the Securities and Exchange Commission’s (SEC’s) claims against software development company SolarWinds and its chief information security...more

Dechert Cyber Bits - Issue 59

Dechert LLP on 8/2/2024

U.S. Court Axes Most of SEC's SolarWinds Data Breach Suit - The U.S. District Court for the Southern District of New York recently dismissed much of the U.S. Securities and Exchange Commission’s (“SEC”) suit against...more

SEC Cyber Enforcement Update: Which Way Are the SolarWinds Blowing? (Update)

Holland & Knight LLP on 7/29/2024

This Holland & Knight blog post is the second installment in a two-part series that examines the challenges to the U.S. Securities and Exchange Commission's (SEC) charges in its landmark case against SolarWinds Corp....more

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

BCLP on 7/29/2024

On July 18, 2024, District Court Judge Engelmayer of the Southern District of New York issued his 107-page opinion and order dismissing most – but not all – of the landmark allegations of the SEC against SolarWinds Corp. and...more

First of Its Kind: Federal Court Dismisses Majority of SEC’s SolarWinds Action but Maintains Claims Against CISO Defendant

Alston & Bird on 7/26/2024

The Securities and Exchange Commission’s cybersecurity-related case against SolarWinds and its CISO was largely dismissed, but a securities fraud claim against the CISO lives on. Our Securities Litigation, Privacy, Cyber &...more

Key Lessons for Cybersecurity and IT Leaders From Judge's Recent Fraud Decision in SEC Case Against SolarWinds

Parker Poe Adams & Bernstein LLP on 7/25/2024

On July 18, a New York federal judge threw out most of the SEC’s claims brought against both SolarWinds Corp. and the company’s chief information security officer (CISO), Timothy Brown....more

FTC Enters Consent Agreement With Blackbaud Following Major Data Breach

WilmerHale on 2/23/2024

On February 1, the Federal Trade Commission (FTC or “the Commission”) announced that it had reached a settlement with Blackbaud, a software company, resolving claims related to a 2020 data breach that resulted in the...more

SEC's Charges Against SolarWinds and Its CISO Highlight Emerging Risks for Public Companies, Security Professionals

Davis Wright Tremaine LLP on 11/20/2023

The U.S. Securities and Exchange Commission ("SEC") has charged SolarWinds Corp. (SolarWinds) and the company's chief information security officer ("CISO") with securities fraud and violations of internal controls...more

The SEC’s Charges Against SolarWinds and its Chief Information Security Officer Provide Important Cybersecurity Lessons for Public...

White & Case LLP on 11/15/2023

On October 30, 2023, the US Securities and Exchange Commission ("SEC") announced that it filed charges against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer ("CISO") in connection...more

SEC Brings Landmark Cybersecurity Disclosure Lawsuit Against Solarwinds and Its CISO

BCLP on 11/2/2023

On October 30, 2023, the SEC filed charges against SolarWinds Corp. and its chief information security officer (CISO), alleging: ..Failures to disclose known cybersecurity vulnerabilities affecting the company’s “crown...more

Leaked FTC Civil Investigative Demand to OpenAI Provides a Rare Preliminary View of the Future of AI Enforcement

ArentFox Schiff on 8/3/2023

On July 13, 2023, The Washington Post broke the news that the Federal Trade Commission (FTC) had issued a Civil Investigative Demand (CID) — a sort of a pre-litigation subpoena as part of what is supposed to be a nonpublic...more

Top 5 SEC Enforcement Developments for March 2023

Morrison & Foerster LLP on 4/21/2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources...more

Blackbaud Inc. to Pay $3 Million to SEC for Alleged Misleading Disclosures in 2020 Ransomware Attack

Mayer Brown Free Writings + Perspectives on 3/23/2023

On March 9, 2023, the Securities and Exchange Commission (“SEC”) announced that Blackbaud Inc. (“Blackbaud”) agreed to pay $3 million to settle charges for alleged misleading disclosures about its 2020 ransomware attack and...more

SEC Settles Ransomware Disclosure Charges for $3 Million

Davis Wright Tremaine LLP on 3/16/2023

The U.S. Securities and Exchange Commission ("SEC" or the "Commission") has ordered Blackbaud, Inc. ("Blackbaud") to pay $3 million to resolve claims that it made materially misleading statements about a 2020 ransomware...more

What Constitutes a Misleading Statement in a Company’s Response to a Data Breach?

Pietragallo Gordon Alfano Bosick & Raspanti,... on 6/28/2022

Takeaway: To ensure investor safety and emphasize a commitment to user privacy, corporate executives and similarly-situated high ranking officers must not provide any statements or omissions that affirmatively create a...more

Marriott Investor’s Security Fraud Claims Arising from Data Breach Rejected by Fourth Circuit

Smith Anderson on 5/19/2022

The Fourth Circuit dismissed an investor’s lawsuit against a hotel chain that had been subject to a data breach, ruling that the company had not made false or misleading public statements about its protection of customer...more

Securities Litigation: An Emerging Strategy to Hold Companies Accountable for Privacy Protections

Proskauer - Corporate Defense and Disputes on 2/24/2022

A California federal judge rejected Zoom Video Communications, Inc.’s motion to dismiss securities fraud claims against it, and its CEO and CFO, for misrepresenting Zoom’s privacy protections....more

Privacy Tip #258 – Misinformation on Social Media

Robinson+Cole Data Privacy + Security Insider on 11/6/2020

The misinformation on social media about the election results (and other topics) is rampant. Social media companies like Twitter and Facebook are struggling with the balance between the First Amendment right to free speech...more

Pending U.S. Supreme Court Cases May Restrict FTC’s Pursuit of Monetary Relief in Privacy and Cybersecurity Matters

Orrick, Herrington & Sutcliffe LLP on 7/27/2020

Earlier this month, the U.S. Supreme Court agreed to hear a pair of cases that provide it with the opportunity to severely restrict the Federal Trade Commission’s (“FTC’s”) authority to obtain equitable money relief in...more

Privacy & Cybersecurity Update - December 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 1/3/2020

In this month's edition of our Privacy & Cybersecurity Update, we take a look at guidance on artificial intelligence released by the U.K. Information Commissioner's Office and the Turing Institute, as well as guidance...more

Seventh Circuit Rejects FTC Authority to Obtain Equitable Money Relief Under Section 13(b) of the FTC Act

Orrick, Herrington & Sutcliffe LLP on 10/4/2019

On August 21, 2019, the U.S. Court of Appeals for the Seventh Circuit held in FTC v. Credit Bureau Center, LLC, 2019 WL 3940917 (7th Cir. 2019) that the Federal Trade Commission (“FTC”) lacks authority to obtain monetary...more

Court Finds Cybersecurity-Related Claims Sufficient in Securities Class Action

Sheppard Mullin Richter & Hampton LLP on 2/7/2019

In the aftermath of Equifax’s data breach, a federal court recently found that allegations of poor cybersecurity coupled with misleading statements supported a proper cause of action. In its decision, the U.S. District Court...more

Corporate Statements About GDPR Spark Securities Class Action Lawsuit

White and Williams LLP on 9/7/2018

Since the European Union’s General Data Protection Regulation (GDPR) went into effect on May 25, 2018, commentators and analysts have speculated about the regulation’s potential effect on securities class action suits based...more

Food and Beverage Law Update: June 2018

Holland & Knight LLP on 6/12/2018

Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

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Cybersecurity › Misleading Statements

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