According to the Complaint, Pegasystems Inc. ("PEGA") develops customer relationship management (“CRM”) software.

On May 29, 2020, PEGA was sued by one of its principal competitors, Appian Corporation, in Virginia circuit court, for stealing its trade secrets and violating the commonwealth’s computer crime law.

The Complaint alleges that, during the Class Period, Defendants misrepresented and/or failed to disclose that: (1) PEGA had 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 such corporate espionage and trade secret theft; (3) 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 PEGA’s CEO; (4) PEGA’s CEO and other officers and employees did not 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 about PEGA’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.

On July 27, 2022, the Court granted the Motion to transfer the case to the District of Massachusetts.

On August 9, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated, amended Complaint on October 18. Defendants filed a Motion to Dismiss the consolidated, amended Complaint on December 19.

On May 17, 2023, the Court issued an Order denying Defendants' Motion to Dismiss. On July 24, the Court issued an Order dismissing claims against one of the individual Defendants.

On April 23, 2024, the parties entered into a Stipulation of Settlement.