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Pegasystems Inc. Class Action Lawsuit - PEGA

Company Name
Pegasystems Inc.
Stock Symbol
PEGA
Class Period
May 29, 2020 to May 9, 2022
Motion Deadline
July 18, 2022
Court
Eastern District of Virginia
21 days left to seek lead plaintiff status

Case Summary

The Pegasystems class action lawsuit seeks to represent purchasers of Pegasystems Inc. (NASDAQ: PEGA) common stock between May 29, 2020 and May 9, 2022, inclusive (the “Class Period”).  The Pegasystems class action lawsuit – captioned City of Fort Lauderdale Police and Firefighters’ Retirement System v. Pegasystems Inc., No. 22-cv-00578 (E.D. Va.) – charges Pegasystems and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered significant losses and wish to serve as lead plaintiff of the Pegasystems class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions must be filed with the court no later than July 18, 2022.

CASE ALLEGATIONS: Pegasystems develops customer relationship management (“CRM”) software.

The Pegasystems class action lawsuit alleges that, unbeknownst to investors, Pegasystems’ products and thus the revenue generated from those products were, in large part, the result of theft of trade secrets from one of its competitors.  Specifically, on May 29, 2020, Pegasystems was sued by one of its principal competitors, Appian Corporation, for stealing its trade secrets and violating the commonwealth’s computer crime law.  The Pegasystems class action lawsuit further alleges that Pegasystems violated U.S. Securities and Exchange Commission (“SEC”) reporting requirements by failing to disclose the lawsuit in its public SEC filings for nearly two full years. 

On May 9, 2022, Pegasystems disclosed that a jury had awarded Appian more than $2 billion for Pegasystems’ trade secret misappropriation.  On this news, Pegasystems’ stock price dropped approximately 21%.  As the market continued to digest the verdict, Pegasystems’ stock price dropped another 8%, further damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Pegasystems common stock during the Class Period to seek appointment as lead plaintiff in the Pegasystems class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Pegasystems class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Pegasystems class action lawsuit.  An investor’s ability to share in any potential future recovery of the Pegasystems class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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