New York, New York--(Newsfile Corp. - April 9, 2022) - Pomerantz LLP is investigating claims on behalf of investors ofOkta, Inc. ("Okta or the "Company") (NASDAQ: OKTA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Okta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 22, 2022, Okta confirmed that in January 2022 the Company had experienced a data breach caused by a hacking group known as Lapsus$, which potentially affected as many as 366 Okta customers. Separately, Okta was downgraded by Raymond James from "strong buy" to "market perform," citing a "continually disconnected CIAM go-to-market strategy (i.e. still separate reps for Auth0/Okta, no communication to incent channel cross-sell, no evidence of improved technology/integration [...]) While partners were willing to trust Okta's track record, the handling of its latest security incident adds to our mounting concerns."
On this news, Okta's stock price fell $17.88 per share, or 10.74%, to close at $148.55 per share on March 23, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119973
