(NASDAQ GS: PEGA)
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of Pegasystems Inc. ("Pegasystems" or the "Company") on behalf of stockholders. A class action complaint has been filed against Pegasystems. The complaint alleges that defendants made statements that were materially false and/or misleading and failed to disclose material adverse facts about the Company's business, operations, and prospects, which were known to defendants or recklessly disregarded by them. Specifically, defendants misrepresented and/or failed to disclose that: (i) the Company had engaged in corporate espionage and misappropriation of trade secrets to better compete against Appian, a principal competitor; (ii) 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 such corporate espionage and trade secret theft; (iii) defendants had engaged in a scheme to steal Appian trade secrets, which was not only known to, but carried out through, the personal involvement of the Company's CEO; (iv) the Company's CEO and other officers and employees did not comply with the Company's written Code of Conduct, including its express prohibition on "stealing" confidential information from a competitor and "misrepresenting your identity in hopes of obtaining confidential information"; (v) the Company was "unable to reasonably estimate damages" in the Appian litigation; and (vi) as a result of the foregoing, defendants' statements about the Company's business, operations, prospects, legal compliance, and potential damages exposure in the Appian litigation were materially false and/or misleading and/or lacked a reasonable basis when made.