Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Okta, Inc. (OKTA)

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Jun 24, 2022
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Shareholders with $100,000 losses or more are encouraged to contact the firm.

LOS ANGELES, June 24, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 19, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Okta, Inc. (“Okta” or the “Company”) ( OKTA) securities between March 5, 2021 and March 22, 2022, inclusive (the “Class Period”).

If you suffered a loss on your Okta investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/okta-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

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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If you purchased or otherwise acquired Okta securities during the Class Period, you may move the Court no later than July 19, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected]lancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com

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