Okta Securities Litigation settles for $60,000,000

If you acquired the publicly traded Class A common stock of Okta, Inc. (NASDAQ: OKTA) between March 3, 2022, and August 31, 2022, inclusive, you may be eligible to claim a portion of a $60,000,000 settlement from a class action lawsuit.

Okta, Inc. has agreed to pay $60,000,000 to settle a class action lawsuit for alleged misstatements and omissions regarding the integration of Auth0 and a data security incident in January 2022.

Who can submit a claim?

To be eligible to submit a claim, you must meet the following criteria:

• Purchased or otherwise acquired the publicly traded Class A common stock of Okta, Inc. during the period from March 3, 2022, through August 31, 2022, inclusive.
• Suffered damages as a result of the alleged misstatements and omissions.

Ensure you check your records or contact your broker to confirm your eligibility. If you held Okta Class A common stock in a mutual fund, that alone does not make you a class member.

How much can class members get?

The estimated average recovery is approximately $0.90 per share after deductions.

The amount each class member can receive varies based on the number of shares purchased and the timing of these transactions.

The Net Settlement Fund will be distributed among eligible class members based on the Plan of Allocation, which considers the number of shares purchased, acquisition dates, and sales dates.

• For shares purchased during the Class Period and sold before September 1, 2022, the Recognized Loss Amount is zero.
• For shares purchased during the Class Period and sold between September 1, 2022, and November 29, 2022, the Recognized Loss Amount is the lesser of $24.35, the actual purchase price minus the average closing price from September 1, 2022, to the date of sale, or the Out of Pocket Loss.
• For shares held as of the close of trading on November 29, 2022, the Recognized Loss Amount is the lesser of $24.35 or the actual purchase price minus $54.73.

Is proof required to submit a claim?

Yes, claimants need to provide proof to claim an award. This includes documentation such as broker confirmations or other records of transactions in Okta Class A common stock.

How to claim an award

To claim an award, you must complete and submit a Proof of Claim and Release Form. You can file a claim online or mail the completed form to the Claims Administrator at:

Okta, Inc. Securities Litigation

P.O. Box 2738

Portland, OR 97208-2738

The deadline to submit your claim is October 29, 2024. Ensure you include all required documentation to avoid delays or rejection of your claim.

$60,000,000 Settlement Fund

The settlement fund of $60,000,000 will cover:

• Attorneys’ fees and expenses
• Notice and Administration Expenses
• Taxes
• Payments to eligible class members

The attorneys’ fees are capped at 22% of the Settlement Fund, which amounts to $13,200,000. Litigation Expenses are capped at $410,000.

Important dates

• Deadline to File a Claim: October 29, 2024
• Deadline to Exclude Yourself from the Class: October 18, 2024
• Settlement Hearing: November 8, 2024

When is the Okta Securities Litigation payout?

The awards will be paid after the Court grants final approval and all claims have been processed, which may take several months.

What happens next?

1. Class members should submit their claims by the deadline.
2. The Court will hold a Settlement Hearing on November 8, 2024, to decide whether to approve the Settlement.
3. If approved, payments will be made to eligible claimants after all claims have been processed.