SAN FRANCISCO, May 23, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Pegasystems Inc. PEGA investors with over $100k losses to submit your losses now. A securities fraud class action has been filed and investors with significant losses may have the opportunity to lead the case.
Pegasystems Inc. (PEGA) Securities Fraud Class Action:
The litigation focuses on Pegasystems’ repeated statements that the Company operated in an extremely competitive market, that it maintained a written Code of Conduct applicable to all its employees (including its CEO) committing them never to steal competitors’ trade secrets, and its failure to disclose the true drivers for its financial performance.
Specifically, the complaint alleges that Defendants misrepresented and concealed that: (1) Pegasystems engaged in corporate espionage and misappropriation of trade secrets to better compete against Appian; (2) 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 corporate espionage and trade secret theft; (3) Defendants engaged in a scheme to steal Appian trade secrets, which was not only known to, but carried out with the personal involvement of Pegasystems’ CEO; (4) Pegasystems’ CEO and other officers violated the company’s Code of Conduct; and, (5) Pegasystems was “unable to reasonably estimate damages” in the Appian litigation.
Investors learned the truth after the market closed on May 9, 2022, when Pegasystems announced that the jury in the Appian litigation rendered a verdict against Pegasystems and awarded Appian over $2 billion in damages.
This news drove the price of Pegasystems shares crashing 20% lower on May 10, 2022, wiping out over $1 billion of value.
“We’re focused on investors’ losses and proving Pegasystems misrepresented its compliance with relevant trade secrets laws,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Pegasystems and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Pegasystems should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PEGA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895