OKTA - OKTA ALERT: Bragar Eagel & Squire P.C. is Investigating Okta Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Okta, Inc. (NASDAQ:OKTA) on behalf of long-term stockholders following a class action complaint that was filed against Okta on December 13, 2022 with a Class Period from March 5, 2021 to Match 22, 2022. Our investigation concerns whether the board of directors of Okta have breached their fiduciary duties to the company.
Okta is an identity and access management company which provides cloud software to aid companies in managing and securing user authentication over multiple applications.
To expand its customers' choices, in March 2021, the Company acquired Auth0, an identity platform geared to addressing application developers' needs, in a transaction valued at $6.5 billion. Financial analysts questioned whether Okta was paying too much for the company and were concerned about the integration process.
The Company and several of the Individual Defendants repeatedly issued statements reassuring investors that the two companies were integrating seamlessly, and that the Company was increasing sales volume for Okta and Auth0 products. However, in reality, a large number of Auth0 and Okta employees resigned due to mismanagement and a failed integration plan. The upheaval affected sales of Okta and Auth0 products due to a fundamental lack of training and proper management.
The upheaval in the wake of the Auth0 acquisition ultimately led to a substantial breach of trust between ...