Pegasystems Makes $35M Deal Over Alleged Misstatements (Correct)

Pegasystems Inc. agreed to pay $35 million to resolve a securities class action where investors accused the software company of misleading them about its involvement in a scheme to steal a rival’s trade secrets.

Pega is currently appealing a $2 billion judgment from a Virginia state court for hiring what the district court in the securities case has described as “‘spies’” to steal trade secrets from Appian Corp. “Should Pega ultimately fail to significantly reduce or nullify the Virginia judgment, Pega’s ability to fund a judgment following a trial in this case would be severely jeopardized,” the unopposed motion ...