The SEC alleged material misstatements or omissions by SolarWinds due to its cybersecurity risk disclosure in the company's registration statement on Form S-1 and annual and quarterly reports. In dismissing these claims, the court noted that spelling out a risk with maximal specificity may backfire in various ways, including by providing information which can be exploited or by misleading investors. The court noted the disclosure of cybersecurity risks was fulsome and that although the disclosures risks were generic, viewed in totality, the disclosures sufficiently alerted the investing public to the company's cybersecurity risks. The court dismissed claims that the company's Form 8-K disclosures were insufficient in detail. The SEC alleged material misstatements or omissions by SolarWinds in current reports on Form 8-K filed by the company regarding the cybersecurity incident.