PEGA.US
id: 1203
Pegasystems (PEGA) $35 Million Shareholder Settlement
Late claims are being considered for compensation, subject to approval.
D. Massachusetts
Court1:22-cv-11220
Case number06/16/2020
Class period Start05/09/2022
Class period End10/07/2024
Claim deadlinePegasystems (PEGA) agreed to settle $35M with investors to end claims over the corporate espionage against competitor Appian.
Case details:
In May 2020, Appian Corporation sued Pegasystems, claiming trade secret theft and violation of computer crime laws.
On May 9, 2022, Pegasystems announced that a Virginia court jury awarded Appian over $2B for trade secret misappropriation.
During the seven-week trial, the jury received strong evidence backing Appian's claims. Additionally, it was shown that Alan Trefler, Pegasystem's CEO, was present at a meeting where Appian's trade secrets were shared with Pegasystems.
On this news, $PEGA fell 20% on May 10, 2022.
Based on all these events, Pegasystems was accused of the following points:
- PEGA engaged in corporate espionage against Appian, stealing trade secrets.
- This unethical behavior was spearheaded by the CEO and violated the company's Code of Conduct.
Pegasystems has now decided to end all allegations related to the corporate espionage against Appian by paying a $35M settlement to investors.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.71
Filing date
05/19/2022
Plaintiffs
City of Fort Lauderdale Police and Firefighters' Retirement System
Attorneys
Hutchings Barsamian Mandelcorn, LLP, Robbins Geller Rudman & Dowd LLP
Defendants
Alan Trefler
Judge
Leonie M. Brinkema
Court hearing date
09/19/2024
Exclusion deadline
08/29/2024
Objection deadline
08/29/2024
Trades matching type
FIFO
+$35,000,000
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