Investigation announced for Investors in shares of Okta, Inc. (NASDAQ: OKTA)

An investigation was announced over potential securities laws violations by Okta, Inc. in connection with certain financial statements.

Investors who purchased shares of Okta, Inc. (NASDAQ: OKTA), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Okta, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
San Francisco, CA based Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. Okta, Inc. reported that its Total Revenue rose from $835.42 million for the 12 months period that ended on January 31, 2021, to over $1.3 billion for the 12 months period that ended on January 31, 2022, and that its Net Loss over those respective time periods increased from $266.33 million to over $848.23 million.

On March 22, 2022, Okta, Inc. (NASDAQ: 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, Inc. 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."

Shares of Okta, Inc. (NASDAQ: OKTA) declined from $287.44 per share on April 22, 2021, to as low as $135.46 per share on March 25, 2022.

Those who purchased shares of Okta, Inc. (NASDAQ: OKTA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.