NEW YORK, May 30, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Pegasystems Inc. (NASDAQ: PEGA) securities between May 29, 2020 and May 9, 2022, both dates inclusive (the “Period of the appeal”), the important Deadline of July 18, 2022 for the main applicant.
SO WHAT: If you purchased PEGA securities during the Class Period, you may be entitled to compensation without payment of disbursements or fees through a contingency fee arrangement.
WHAT TO DO NEXT: To join the PEGA class action, go to https://rosenlegal.com/submit-form/?case_id=6286 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information. A class action lawsuit has already been filed. If you wish to act as lead plaintiff, you must move the Court no later than July 18, 2022. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation.
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these firms do not actually handle securities class action lawsuits, but are merely middlemen who refer clients or partner with law firms that actually litigate the cases. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, the defendants throughout the class action period made false and/or misleading statements and/or failed to disclose that: (1) PEGA engaged in corporate espionage and misappropriation of trade secrets to better compete with Appian; (2) Defendants’ product development and associated success was, in large part, not the result of their own product research and testing, but rather the result of such corporate espionage and theft trade secrets; (3) Defendants had engaged in a scheme to steal Appian’s trade secrets, which was not only known, but carried out through the personal involvement of PEGA’s CEO; (4) PEGA’s CEO and other officers and employees failed to comply with PEGA’s written code of conduct; (5) PEGA was “unable to reasonably estimate damages” in the Appian litigation; and (6) as a result of the foregoing, Defendants’ statements regarding PEGA’s business, operations, prospects, legal compliance and potential exposure to damages in the Appian Litigation were materially false and/or misleading and/or or lacked a reasonable basis when made.
The truth about PEGA’s fraudulent conduct came to light after markets closed on May 9, 2022, when PEGA issued a press release announcing that the Appian litigation jury had awarded Appian more than $2 billion for the misappropriation of trade secrets by PEGA. In response to this news, PEGA’s stock price fell 21% from a closing price of $65.93 per share on May 9, 2022 to a closing price of $52.25 on May 10. 2022. As the market continued to digest the verdict, PEGA stock price fell another 8% to close at $48.07 per share the following day.
To join the PEGA class action, go to https://rosenlegal.com/submit-form/?case_id=6286 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information.
No class has been certified. Until a class is certified, you are not represented by an attorney unless you retain one. You can choose the lawyer of your choice. You can also remain an absent party member and do nothing at this point. An investor’s ability to participate in any potential future recovery does not depend on their status as lead plaintiff.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827