Pegasystems, Inc. Investor News: Robbins LLP is Investigating Pegasystems Inc. (PEGA) on Behalf of Shareholders

SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Pegasystems Inc. (NASDAQ: PEGA) and its officers and directors to determine if they breached their fiduciary duties and violated securities laws by stealing Pegasystems' competitor's trade secrets. Pegasystems develops customer relationship management ("CRM") software.

If you would like more information about our investigation of Pegasystems Inc.'s misconduct, click here.

What is this Case About: According to the complaint filed against Pegasystems, 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, lowering 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 legal options. Contact Robbins LLP for more information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
[phone]
[e-mail]
Shareholder Information Form

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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