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OKTA.US
id: 227
Bloomberg reported that "Okta Inc., a maker of identity-verification software, agreed to buy smaller rival Auth0 for about $6.5 billion in stock, seeking to solidify its position in the growing market for digital authentication security services."
The Company's shares dropped about 11% in extended trading following the deal news.
On August 31, 2022, Okta released Q2 2022 earnings report and disclosed that it was having challenges integrating Auth0, the customer identity software company it acquired last spring.
Specifically, the Company mentioned that it has issues with integrating the Auth0 sales force, and said it was reducing hiring goals in the second half of the year to focus on profitability.
Given all the facts, there are suspicions about the effectiveness of management and the reliability of representations made by the Company to shareholders.
Case Status
Inactive Investigation
Alleged Offence
Mismanagement,
Malpractice,
Negligence,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03/03/2021