SAN DIEGO, June 01, 2022 (GLOBE NEWSWIRE) — The Class: Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased Pegasystems Inc. (NASDAQ: PEGA) common stock between May 29, 2020 and May 9, 2022, for violations of the Securities Exchange Act of 1934. Pegasystems develops customer relationship management (“CRM”) software.
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What is this Case About: Pegasystems Inc. (PEGA) found guilty of stealing its competitor’s trade secrets
According to the complaint, Pegasystems’ products and the revenue generated from those products were, in large part, the result of theft of trade secrets from one of its competitors. On May 29, 2020, Appian Corporation sued Pegasystems for stealing its trade secrets and violating Virginia’s computer crime law.
Pegasystems, in violation of SEC reporting requirements, for two years did not publicly disclose Appian’s lawsuit in its public SEC filings. On May 9, 2022, Pegasystems disclosed that the Virginia circuit court jury awarded Appian more than $2 billion for Pegasystems’ trade secret misappropriation, which is estimated to be the largest damages award in Virginia circuit court history. On this news, Pegasystems’ stock price fell 21% and lost over $1 billion in market capitalization, closing at $52.25 on May 10, 2022. Securities analysts voiced their concerns of the news, lowing their ratings and noting that the lawsuit, misconduct, and jury verdict would negatively impact the Company’s ability to obtain future business, including contracts with governmental authorities.
Next Steps: If you acquired shares of Pegasystems Inc. (PEGA) common stock between May 29, 2020 and May 9, 2022, you have until July 18, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Pegasystems Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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