NASDAQ: PEGA

Pegasystems Inc.

Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Pegasystems Inc. (NASDAQ: PEGA) between May 29, 2020 and May 9, 2022, both dates inclusive (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than July 18, 2022.

If you purchased PEGA securities and would like to join the prospective action, please click “Join This Class Action.”

Class Period:May 29, 2020 to May 9, 2022

Deadline:

14 Days
If you purchased PEGA securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • PEGA had engaged in corporate espionage and misappropriation of trade secrets to better compete against Appian;
  • Defendants’ product development and associated success was, in significant part, not the result of its own research and product testing but rather the result of such corporate espionage and trade secret theft;
  • Defendants had engaged in a scheme to steal Appian trade secrets, which was not only known to, but carried out through the personal involvement of PEGA’s CEO;
  • PEGA’s CEO and other officers and employees did not comply with PEGA’s written Code of Conduct;
  • PEGA was “unable to reasonably estimate damages” in the Appian Litigation; and
  • as a result of the foregoing, Defendants’ statements about PEGA’s business, operations, prospects, legal compliance, and potential damages exposure in the Appian Litigation were materially false and/or misleading and/or lacked a reasonable basis when made.

The truth regarding PEGA’s fraudulent conduct was revealed after the close of the markets on May 9, 2022, when PEGA issued a press release announcing that the jury in the Appian Litigation had awarded Appian more than $2 billion for PEGA’s misappropriation of trade secrets. In response to this news, PEGA’s stock price fell 21%, from a closing price of $65.93 per share on May 9, 2022, to a closing price of $52.25 on May 10, 2022. As the market continued to digest the verdict, PEGA’s stock price dropped another 8% to close at $48.07 per share the following day.

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Company Name: Pegasystems Inc.
Stock Symbol: PEGA
Class Period: May 29, 2020 to May 9, 2022
Court: Eastern District of Virginia

Why Rosen Law

The Rosen Law Firm has been ranked among the top 4 law firms each year since 2013 for the number of successful securities class actions on behalf of investors. In 2019 alone, our firm recovered $438 million for investors.

Investors should carefully identify and select experienced counsel with a track record of success leading securities class actions. Often other firms issue press releases about class actions yet do not have comparable experience or resources.

Institutional Shareholders Services ranked the Rosen Law Firm # 1 for the number of securities class action recoveries in 2017.

The Rosen Law Firm represents investors throughout the globe. Our mission is to prosecute securities fraud class actions and protect shareholders’ rights.

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