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OKTA.US
id: 885
Okta (OKTA) Hacker Attack Case
- On October 20, 2023, Okta disclosed that one of its services had been hacked, leading $OKTA to fall by 11,6%.
- On November 3, 2023, the Company published the results of its investigation, which stated that the attackers obtained data from only 1% of clients.
- On November 29, 2023, Okta published the SEC report on this incident - further investigation found that due to the hack, there was a leak for all clients.
- The overall $OKTA drop since the initial incident exceeded 20%.
In the period from September 28, 2023, to October 17, 2023, hackers gained access to the data of Okta users. On this news, $OKTA lost over 20% of its shareholder value.
- The Company publicly announced the issue on its security blog on October 20, although customers were notified as early as October 19 and no information was posted in its investor relations section until November 29.
- Initially, Okta said that the data breach occurred in only 1% of customers. However, it later turned out that the data of all clients was stolen. For 99.6% of clients, their full names and email addresses were disclosed. For the rest, hackers obtained more sensitive information.
Considering all the facts, investors have reasons to believe that Okta has failed to disclose true information about the hacker attack and misled investors with an incorrect initial assessment of the damage, which led to additional losses for shareholders.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement,
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 October 2023