Robbins Geller Rudman & Dowd LLP announces that the Okta class action lawsuit seeks to represent purchasers of Okta, Inc. (NASDAQ: OKTA) securities between March 5, 2021 and March 22, 2022, inclusive (the “Class Period”). The Okta class action lawsuit – captioned City of Miami Fire Fighters’ and Police Officers’ Retirement Trust v. Okta, Inc., No. 22-cv-02990 (N.D. Cal.) – charges Okta and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Okta provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally.
The Okta class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and 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, Okta’s public statements were materially false and misleading at all relevant times.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Okta securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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