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Okta’s Lapsus$ Breach Spawns Securities Class Action

A shareholder has hit Okta with a class action claiming that the identity-verification company made false and misleading statements regarding a data breach earlier this year by hacking group Lapsus$. So reports Insurance Journal.

oktaThe lawsuit, filed in a California federal court by the City of Miami Firefighters' and Police Officers’ Retirement Trust, seeks to restore losses “caused by defendants’ violations of federal securities laws.”

According to the complaint, which also targets Okta’s directors, the company’s shares dropped roughly 1.8% after Lapsus$ published screenshots taking credit for a breach and slid an additional 10.7% following news reports and an analyst downgrade, as of press time..

Read the full article from Insurance Journal.

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