WASHINGTON—Seven directors on the boards of five companies have resigned because of the Justice Department’s concerns over the directors holding similar board positions at rival companies, the department said on Wednesday.
Three directors resigned from the board of IT management software company SolarWinds Corp., one because the person was on the boards of both SolarWinds and rival Dynatrace as a representative of the private equity company Thoma Bravo. Two others representing Thoma Bravo on the SolarWinds board also resigned, the department said.
SolarWinds said in a legal filing dated Oct. 14 that the three board members had decided to resign after receiving a letter from the Department of Justice (DOJ) alleging that their board service broke antitrust law. The filing said that they “chose to resign rather than to contest the allegations.”…