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Case Status:    SETTLED  
—On or around 07/10/2024 (Date of last review)
Current/Last Presiding Judge:  
Hon. Susan Illston

Filing Date: May 20, 2022

According to the Complaint, Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the U.S. and internationally. The Company offers a variety of cybersecurity products and services.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants 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 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.

On August 26, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 13. Defendants filed a Motion to Dismiss the amended Complaint on December 1. On March 31, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a Motion for Class Certification on November 1, 2023. On February 5, 2024, the Court issued an Order granting the Class Certification Motion.

On May 28, 2024, the parties entered into a Stipulation and Agreement of Settlement.

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