Robbins Geller Rudman & Dowd LLP announces that purchasers of Pegasystems Inc. (NASDAQ: PEGA) common stock between May 29, 2020 and May 9, 2022, inclusive (the “Class Period”) have until July 18, 2022 to seek appointment as lead plaintiff in City of Fort Lauderdale Police and Firefighters’ Retirement System v. Pegasystems Inc., No. 22-cv-00578 (E.D. Va.). The Pegasystems class action lawsuit charges Pegasystems and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Pegasystems class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. 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. 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.
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