Okta Gets First Approval for $60 Million Settlement Over Merger

Okta Inc. is entitled to preliminary approval of an agreement to pay $60 million to settle investor class claims over the progress of its integration with another user-authentication software company, a federal court ruled.

The proposed deal will likely be approved as fair, reasonable, and adequate after a Nov. 8 settlement hearing, Judge Susan Illston said July 19 for the US District Court for the Northern District of California.

• The plaintiffs alleged that after acquiring Auth0 Inc. in March 2021 for $6.5 billion, Okta falsely reassured investors that the companies were integrating seamlessly—and then abruptly shut down a sales integration ...