Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Okta Inc. (OKTA)

New York, New York, UNITED STATES


NEW YORK, May 27, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Okta Inc. (“Okta” or the “Company”) (NASDAQ: OKTA) in the United States District Court for the Northern District of California on behalf of investors who purchased Okta stock between March 5, 2021 and March 22, 2022, inclusive (the “Class Period”).

The Complaint alleges that that Defendants made false statements and/or concealed 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.

Investors who purchased or otherwise acquired shares of Okta should contact the Firm prior to the July 19, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.