PR Newswire
Did you lose money on investments in Okta? If so, please visit
Okta Inc. Shareholder Class Action Lawsuit
or contact
Peter Allocco
at (212) 951-2030
or
[email protected]
to discuss your rights.
NEW YORK
,
July 8, 2022
/PRNewswire/ — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Okta Inc. (“Okta” or the “Company”) (NASDAQ: OKTA) between
March 5, 2021
and
March 22, 2022
, inclusive (the “Class Period”). The lawsuit was filed in
the United States
District Court for the Northern District of
California
and alleges violations of the Securities Exchange Act of 1934.
Okta provides identity solutions and cybersecurity products and services for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the U.S. and internationally.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (i) Okta had inadequate cybersecurity controls; (ii) as a result, Okta’s systems were vulnerable to data breaches; (iii) Okta ultimately did experience a data breach caused by a hacking group, which potentially affected hundreds of Okta customers; (iv) Okta initially did not disclose and later downplayed the severity of the data breach; (v) all the foregoing, once revealed, was likely to have a material negative impact on Okta’s business, financial condition, and reputation; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On or around
March 21, 2022
, hackers known as LAPSUS$ posted screenshots on their Telegram channel showing what they claimed was Okta’s internal company environment. Thereafter, on
March 22, 2022
, the Company’s Chief Executive Officer, Defendant
Todd McKinnon
, stated on his Twitter account that “[i]n late
January 2022
, Okta detected an attempt to compromise the account of a third party customer support engineer working for one of our subprocessors”; that “[t]he matter was investigated and contained by the subprocessor”; that “[w]e believe the screenshots shared online are connected to this January event”; and that “[b]ased on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January. On this news, Okta’s stock price fell
$2.98
per share, or 1.76%, to close at
$166.43
per share on
March 22
, 2022.
On
March 22, 2022
, during after-market hours, the Company’s Chief Security Officer, Defendant
David Bradbury
, stated on Okta’s website, inter alia, that “[a]fter a thorough analysis of [the LAPSUS$] claims, we have concluded that a small percentage of customers – approximately 2.5% – have potentially been impacted and whose data may have been viewed or acted upon. “Okta was subsequently downgraded by
Raymond James
from “strong buy” to “market perform,” noting, among other things, that “[w]hile partners were willing to trust Okta’s track record, the handling of its latest security incident adds to our mounting concerns. “After these disclosures, the Company’s stock price fell
$17.88
per share, or 10.74%, to close at
$148.55
per share on
March 23, 2022
.
If you wish to serve as lead plaintiff, you must move the Court no later than
July 19, 2022
. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you
purchased OKTA securities, and/or would like to discuss your legal rights and options
please visit
Okta Inc. Shareholder Class Action Lawsuit
or contact
Peter Allocco
at (212) 951-2030 or
[email protected]
.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion
for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street,
New York, New York
10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
(212) 951-2030
[email protected]
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SOURCE Bernstein Liebhard LLP
