SAN DIEGO, Aug. 01, 2023 (GLOBE NEWSWIRE) -- National law firm Morris Kandinov is investigating the actions of the officers and board of directors of Pegasystems Inc. If you are a current owner of shares, contact leo@moka.law.
Pegasystems Inc. (NASDAQ: PEGA) Accused of Misleading Investors
On July 24, 2023, Judge William G. Young of the United States District Court for the District of Massachusetts issued an order denying the defendants’ motion to dismiss in the pending securities class action against Pegasystems Inc., paving the way for litigation to proceed. Morris Kandinov is investigating Pegasystems regarding possible breaches of fiduciary duties and other violations of law on behalf of shareholders.
On May 29, 2020, Pegasystems was sued by one of its principal competitors, Appian Corporation, in Virginia circuit court, alleging that Pegasystems had stolen Appian’s trade secrets and violated Virginia’s computer crime law. Pegasystems, in violation of SEC reporting requirements, for two years did not publicly disclose Appian’s lawsuit in its public SEC filings. On May 9, 2022, Pegasystems disclosed that the Virginia circuit court jury awarded Appian more than $2 billion for Pegasystems’ trade secret misappropriation, which is estimated to be the largest damages award in Virginia circuit court history. On this news, Pegasystems’ stock price fell $13.68 per share, or nearly 21%, to close at $52.25 per share on May 10, 2022. The stock continues to trade around $52 over a year later.
To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Concerned shareholders are encouraged to contact Leo Kandinov to learn more:
leo@moka.law
(619) 780-3993
moka.law
Morris Kandinov LLP is a national law firm that specializes in recovering investment losses and protecting stockholder rights. We work on contingency (i.e., you do not pay our fees out-of-pocket), and our attorneys have made substantial recoveries for investors in jurisdictions across the country. The firm would be happy to further discuss these matters, and any legal rights or remedies potentially available to you, at no charge.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Leo Kandinov, Partner
leo@moka.law
619-780-3993
550 West B Street, 4th Floor
San Diego, CA 92101
moka.law
