secwatch.observer — SEC 8-K summary
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Issuer:     BLACKBAUD INC (BLKB)
CIK:        0001280058
Form:       8-K
Filed at:   2023-03-09T23:59:59+00:00
Accession:  0001280058-23-000010
Event type: regulatory
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blackbaud settles SEC charges for $3M over misleading 2020 ransomware disclosure
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- SEC order requires Blackbaud to cease-and-desist and pay $3M civil penalty for misleading statements about scope of 2020 data breach.
- Attack exfiltrated 1M+ files from 13,000+ customers, including unencrypted bank account numbers and SSNs.
- Blackbaud's Aug 2020 10-Q omitted that sensitive donor data was accessed, misleading investors.
- Company lacked disclosure controls for cybersecurity incidents, violating Exchange Act Rule 13a-15(a).
- Settlement resolves SEC investigation; Blackbaud neither admits nor denies findings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1280058/000128005823000010/0001280058-23-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1280058/000128005823000010/blkb-20230309.htm
  HTML page:      https://secwatch.observer/filing/0001280058-23-000010

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