Legal Proceedings
−Removed: 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.
−Removed: Okta, Inc., et al.
+Added: 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 and certain of its executive officers, captioned In re Okta, Inc.
+Added: Securities Litigation , No.
3:22-cv-02990.
−Removed: 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.
−Removed: 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.
−Removed: The complaint seeks an order certifying the lawsuit as a class action and unspecified damages, plus interest.
−Removed: The Company intends to defend the lawsuit vigorously.
+Added: 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 Company’s integration of Auth0, Inc.
+Added: The lawsuit seeks an order certifying the lawsuit as a class action and unspecified damages.
+Added: On November 28, 2022, a purported shareholder filed a derivative lawsuit on behalf of the Company in the United States District Court for the Northern District of California against certain of its current and former executive officers and directors, captioned O’Dell v.
+Added: McKinnon et al.
+Added: 3:22-cv-07480.
+Added: The lawsuit alleges, among other things, that the defendants breached their fiduciary duties by making false or misleading statements or omissions concerning the Company’s cybersecurity controls, vulnerability to data breaches, and the Company’s integration of Auth0.
+Added: The lawsuit seeks an order permitting the plaintiff to maintain this action derivatively on behalf of the Company, awarding unspecified damages allegedly sustained by the Company, awarding restitution from the individual defendants, and requiring the Company to make certain reforms to its corporate governance and controls.
+Added: The Company intends to defend these lawsuits vigorously.
See Note 11 to our condensed consolidated financial statements, “Commitments and Contingencies” for information related to other legal proceedings.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.