In re Okta, Inc. Securities Litigation

Labaton Keller Sucharow serves as lead counsel representing Nebraska Investment Council and North Carolina Retirement Systems in a securities fraud case against Okta, Inc. (Okta or the Company) and certain of its executives (collectively, Defendants).  Okta is data security company that provides identity and access management software.  The suit alleges that Defendants misled investors about Okta’s efforts to integrate Auth0, Inc. (Auth0), a highly touted acquisition that Defendants claimed would accelerate Okta’s growth in the lucrative customer identity and access management market and sustain the Company’s high growth rate.  Specifically, Defendants publicly touted Okta’s integration of Auth0 despite knowing of significant integration challenges that caused substantial setbacks and sales challenges.

Defendants moved to dismiss the complaint.  However, the Firm secured an important victory for investors on the motion to dismiss, as the Court denied Defendants’ motion and allowed the case to proceed to discovery.  Labaton Keller Sucharow secured another important win for investors on February 5, 2024, when the Court granted Plaintiffs’ motion for class certification.

The case is In re Okta, Inc. Securities Litigation, No. 3:22-cv-02990 (N.D. Cal.).