SEC Seeks Order to Compel Covington & Burling LLP to Comply with Subpoena in Cyberattack Investigation

Litigation Release Number 25612/January 12, 2023

Securities and Exchange Commission, v. Covington and & Burling LLC, No. 1:23-mc-00002 (D.D.C. Filed Jan. 10, 2023

Securities and Exchange Commission”SEC”Covington and Burling LLP has requested an order from the U.S. District Court for District of Columbia.”Covington”) to comply with a specific part of an investigative subpoena for documents.

The SEC has launched an investigation into possible violations of federal securities law in relation to the Microsoft Hafnium Cyberattack. The SEC is investigating possible violations of federal securities laws arising from the Microsoft Hafnium cyberattack. In November 2020 threat actors connected to the cyberattack gained access to Covington’s network and devices. This included non-public data of approximately 300 Covington customers regulated by SEC.

Covington was subpoenaed by the SEC in early 2022 when it learned of the cyberattack. The SEC subpoena enforcer action is focused on obtaining client names whose files have been accessed, modified or exfiltrated. The SEC will use this information to identify suspicious trading, and determine whether it was based upon material non-public data obtained during the cyberattack. The SEC also wants to know if the affected clients have made the appropriate disclosures about any cybersecurity events that are related to the cyberattack.

Covington refuses to disclose the names and contact information of its clients. Only two consented to the SEC sharing their details. The SEC has asked the court in its application to order Covington, to explain to the court why it shouldn’t be required to produce requested documents per the subpoena. The application, following the court’s decision on the order of show cause to Covington, seeks a second order that directs Covington comply with the subpoena. Final decision is left to the court. The SEC is still investigating and has not yet reached any conclusions about possible violations of federal security laws by individuals or companies involved.

Litigation Release Number 25612/January 12, 2023

Securities and Exchange Commission, v. Covington and & Burling LLC, No. 1:23-mc-00002 (D.D.C. Filed Jan. 10, 2023

Securities and Exchange Commission”SEC”The law firm Covington and Burling LLP has been sued by a group of lawyers (“Covington”( ) by filing a complaint in U.S. District Court of the District of Columbia. The SEC wants an order requiring Covington to obey a certain part of a subpoena to produce documents.

The SEC’s investigation focuses on potential violations under federal securities laws relating to the Microsoft Hafnium hacking attack. This includes looking at possible violations of federal securities laws arising from the cyberattack. In November 2020 threat actors connected to the cyberattack accessed Covington’s network of computers and devices without authorization. They were able, as a result of this, to access the non-public documents of about 300 Covington customers who are regulated under SEC.

Covington was subpoenaed by the SEC as soon as it discovered the cyberattack, in early 2022. Subpoenas issued by the SEC are intended to collect the names and addresses of clients whose documents were accessed, altered, copied or exfiltrated. This information will help identify any suspicious trading and determine if it was based upon material nonpublic information obtained by the threat actors. SEC also wants clients to disclose all relevant cybersecurity events that are related to an attack.

Covington refused to reveal the names and contact information of every client, with the exception of two clients who agreed to divulge their names to the SEC. The SEC asks that the court order Covington, to explain to it why it shouldn’t be forced to produce documents as per the subpoena. After the court has decided on the show cause order, the SEC’s application requests an additional order that Covington comply with the subpoena. In the end, it is the court that will make the final ruling. The SEC investigation is ongoing and there are no conclusions about any possible violations of federal securities law by the individuals or entities involved.

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Table of Contents

SEC

Securities and Exchange Commission, or SEC, is an American regulatory agency that regulates the securities sector, which includes stock exchanges and brokerage firms as well as investment advisors. Its primary goal is to protect investors, and maintain fair and efficient market conditions.

The SEC enforces federal security laws that aim to promote transparency and stop fraudulent activity on the financial market. It makes it mandatory for companies to provide relevant financial data to the public in order to allow investors to make more informed decisions. To ensure fairness, the SEC regulates both the trading and sale of securities.

The SEC is not only a regulator, but also plays an important role in capital formation. The SEC facilitates companies’ ability to raise funds through the sale securities. This helps grow businesses and create jobs. The SEC teaches investors about their rights, and offers resources to assist them in making informed investment decisions.

The SEC is a watchdog of the securities industry. It works to protect investors, ensure market integrity and promote capital formation.

More information can be found at

SEC’s Website

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