NEW ORLEANS, July 8, 2022 — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Pegasystems Inc. (NasdaqGS: PEGA), if they purchased the Company’s shares between May 29, 2020 and May 9, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Virginia.
What You May Do
If you purchased shares of Pegasystems and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-pega/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 18, 2022.
About the Lawsuit
Pegasystems and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 9, 2022, post-market, the Company disclosed that a Virginia state court jury deliberating over a lawsuit brought by one of its principal competitors, Appian Corporation (“Appian”) for stealing its trade secrets and violating the commonwealth’s computer crime law had awarded Appian more than $2 billion for the Company’s “willful and malicious” trade secret misappropriation.
On this news, shares of Pegasystems plummeted from $65.93 per share on May 9, 2022, to close at $52.25 per share on May 10, a one-day decline of 21% that wiped out over $1 billion in market capitalization.
The case is City of Fort Lauderdale Police and Firefighters’ Retirement System v. Pegasystems Inc., et al., No. 1:22-cv-00578.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC