According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Okta had inadequate cybersecurity controls;
- as a result, Okta’s systems were vulnerable to data breaches;
- Okta ultimately did experience a data breach caused by a hacking group, which potentially affected hundreds of Okta customers;
- Okta initially did not disclose and subsequently downplayed the severity of the data breach;
- all the foregoing, once revealed, was likely to have a material negative impact on Okta’s business, financial condition, and reputation; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times reasonable basis when made.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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