NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Pegasystems Inc. ("Pegasystems" or the "Company") (NASDAQ: PEGA). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Pegasystems and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 29, 2020, Pegasystems was sued by one of its principal competitors, Appian Corporation ("Appian"), in Virginia circuit court, alleging that Pegasystems had stolen Appian's trade secrets and violated Virginia's computer crime law. Then, on May 9, 2022, Pegasystems disclosed that the Virginia circuit court jury awarded Appian more than $2 billion for Pegasystem's misappropriation of trade secrets. According to press reports, during the seven-week trial, the jury was presented with substantial evidence supporting Appian's claims, including videos, emails, and text messages, and evidence that Alan Trefler, Pegasystem's Founder and Chief Executive Officer, personally attended a meeting in which Appian trade secrets were provided to Pegasystems. The jury found that Pegasystems engaged in "willful and malicious" misappropriation of Appian's trade secrets.
On this news, Pegasystem's stock price fell $13.68 per share, or 20.75%, to close at $52.25 per share on May 10, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
View original content to download multimedia:
SOURCE Pomerantz LLP