Shares of Okta (OKTA), an identification management platform, jumped more than 24% after management announced it plans to be profitable in FY24. Though light on details, Okta also indicated it’s now making progress integrating AuthO, a $6.2 billion acquisition that resulted in significant go-to-market trouble between the two sales organizations.

Notably, Okta also inserted new language in its latest quarterly filing we believe may be responsible for at least a portion of the share price increase:

“...actions and investment positions taken by institutional and other stockholders, including activist investor;”

We checked and “activist investor” is not mentioned in the previous four 10-Qs or three 10-Ks.

In March 2021, we added Okta to our DuDil Shorts list and warned Okta was set to lap an accounting change that had been inflating billings.

Shares are down 70.3% since.