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While a Wells notice does not necessarily mean the recipients have violated any law, the SEC issues the letter to firms when it is planning to bring an enforcement action against them.
The company was at the center of a cybersecurity crisis in December 2020, after hackers compromised SolarWinds software updates and used them to access data of thousands of companies and government offices that used its products. The U.S. government had attributed the hack to Russia.
In November last year, the SEC had recommended an enforcement action against the software firm over its public statements on cybersecurity and procedures governing such disclosures.
