The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Okta, Inc. (NASDAQ: OKTA) who purchased shares between March 5, 2021 and March 22, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the OKTA lawsuit alleges 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 subsequently 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.
Shareholders have until July 19, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.