Progress Announces Conclusion of SEC Investigation into MOVEit

Rhea-AI Summary

Progress (Nasdaq: PRGS) has announced the conclusion of the Securities and Exchange Commission's (SEC) investigation into the MOVEit vulnerability. The SEC's Division of Enforcement has informed Progress that it does not intend to recommend an enforcement action against the company at this time. This development follows a subpoena received by Progress on October 2, 2023, as part of a fact-finding inquiry related to the MOVEit vulnerability.

The conclusion of this investigation without enforcement action is a positive outcome for Progress, potentially alleviating concerns about regulatory risks associated with the MOVEit incident. This news may have implications for investor confidence and the company's reputation in the AI-powered infrastructure software market.

Positive

• SEC concluded investigation without recommending enforcement action
• Potential reduction in regulatory risks related to MOVEit vulnerability

Negative

• None.

News Market Reaction

+1.26%

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+1.26% News Effect

On the day this news was published, PRGS gained 1.26%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BURLINGTON, Mass., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced that the Securities and Exchange Commission’s Division of Enforcement (SEC) has concluded its fact-finding investigation into the MOVEit vulnerability. The SEC has notified Progress that it does not intend to recommend an enforcement action against the company at this time. As previously disclosed, Progress received a subpoena from the SEC on October 2, 2023, as part of a fact-finding inquiry seeking various documents and information relating to the MOVEit vulnerability.

About Progress
Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Press Contact(s):	Investor Contact(s):
Kim Baker	Michael Micciche
Progress	Progress
+ 1-800-213-3407	781-850-8450
pr@progress.com	investor-relations@progress.com

FAQ

What was the outcome of the SEC investigation into Progress (PRGS) regarding the MOVEit vulnerability?

The SEC concluded its investigation and notified Progress that it does not intend to recommend an enforcement action against the company at this time.

When did Progress (PRGS) receive the SEC subpoena related to the MOVEit vulnerability?

Progress received the SEC subpoena on October 2, 2023, as part of a fact-finding inquiry into the MOVEit vulnerability.

What was the nature of the SEC's investigation into Progress (PRGS)?

The SEC conducted a fact-finding inquiry seeking various documents and information relating to the MOVEit vulnerability.

How might the conclusion of the SEC investigation affect Progress (PRGS)?

The conclusion without enforcement action may alleviate regulatory concerns, potentially boosting investor confidence and the company's reputation in the AI-powered infrastructure software market.