Okta Settles Securities Suit Over Merger Fallout for $60 Million

Okta Inc. has agreed to a $60 million settlement of class claims that the software company misrepresented how well it was absorbing an acquired company, investors told a federal court.

The deal should be given preliminary approval, the class representatives said Tuesday in a filing in the US District Court for the Northern District of California.

The case is an unusual one in that Okta agreed to class status for the investors. That choice has become more common in litigation over employee 401(k) plans but is rare in securities litigation. Judge Susan Illston granted the class certification request in February. ...