Item 1. Legal Proceedings
Item 1. Legal Proceedings
On May 20, 2022, a purported shareholder filed a putative class action lawsuit in the United States District Court for the Northern District of California against the Company, its Chief Executive Officer, its current and former Chief Financial Officers, and its Chief Security Officer, captioned City of Miami Fire Fighters’ and Police Officers’ Retirement Trust v. Okta, Inc., et al. , No. 3:22-cv-02990. The lawsuit arises out of a threat actor’s attempt to compromise the account of a third-party customer support engineer working for one of the Company’s subprocessors and disclosures related to that incident. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that the defendants made false or misleading statements or omissions concerning the Company’s cybersecurity controls, vulnerability to data breaches, and the circumstances surrounding the aforementioned incident. The complaint seeks an order certifying the lawsuit as a class action and unspecified damages, plus interest. The Company intends to defend the lawsuit vigorously.
See Note 11 to our condensed consolidated financial statements, “Commitments and Contingencies” for information related to other legal proceedings.
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