According to the Complaint, KnowBe4, Inc. provides the world’s largest security awareness training and simulated phishing platform. This class action was filed against KnowBe4, seven individual Defendants, and eight corporate Defendants.

KnowBe4 was founded in 2010 and conducted its IPO in April 2021.

On December 22, 2022, KnowBe4 filed a Proxy Statement with the United States Securities and Exchange Commission in connection with KnowBe4’s take-private merger with Vista Equity Partners Management, LLC and its affiliates. The Complaint alleges that the materially false and misleading statements and omissions of material facts in the Proxy and related filings caused Class Members to sell their stock into the Merger at a price that failed to adequately reflect the true value of KnowBe4 common stock.

Upon a sua sponte review of the Complaint, the Court ordered the Complaint dismissed without prejudice on June 9, 2025. Plaintiff was given leave to amend the Complaint to cure the deficiency in the pleading.

Plaintiff filed an Amended Complaint on June 13, 2025.