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Okta, Inc.

Company NameOkta, Inc.
Stock SymbolOKTA
Class PeriodMarch 05, 2021 to March 22, 2022
Lead Plaintiff Motion DeadlineJuly 19, 2022

On or around March 21, 2022, hackers posted screenshots showing what they claimed was Okta’s internal company environment. In response, the Company’s CEO disclosed that in late January 2022, Okta had detected an attempt to compromise the account of a third party customer support engineer working for one of its subprocessors, and that the matter was “investigated and contained by the subprocessor.” The CEO stated that the hackers’ screenshots were connected to the event and that, based on the Company’s investigation, there was “no evidence of ongoing malicious activity.”

On this news, Okta’s stock fell $2.98, or 1.8%, to close at $166.43 per share on March 22, 2022, thereby injuring investors.

Then, on March 22, 2022, after the market had closed, the Company disclosed that approximately 2.5% of customers had potentially been impacted by the hackers and had their data “viewed or acted upon.”

On this news, Okta’s stock fell $17.88, or 10.7%, to close at $148.55 per share on March 23,2022, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Okta had inadequate cybersecurity controls; (2) as a result, Okta’s systems were vulnerable to data breaches; (3) Okta ultimately did experience a data breach caused by a hacking group, which potentially affected hundreds of Okta customers; (4) Okta initially did not disclose and subsequently downplayed the severity of the data breach; (5) all the foregoing, once revealed, was likely to have a material negative impact on Okta’s business, financial condition, and reputation; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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