Okta Misled on Cybersecurity Woes, Causing Losses, Investor Says

Cybersecurity company Okta Inc. allegedly hid hacking vulnerabilities of its own and downplayed the consequences of a data breach until the information came out and its stock value dropped more than 10%, an institutional investor says in a proposed class action.

Several executives could have stopped the issuance of misleading Securities and Exchange Commission filings and press releases, but didn’t, the City of Miami Fire Fighters’ and Police Officers’ Retirement Trust says in a complaint filed May 20 in the US District Court for the Northern District of California. The executives are also named as defendants.

The company reassured investors ...