Appian wins $2.04 bln verdict against Pegasystems

Appian

10/05/2022 15:04

May 10 (Reuters) - Appian Corp  APPN.O , a cloud computing
and software company, said on Tuesday that a Virginia jury
ordered rival Pegasystems Inc  PEGA.O  to pay $2.04 billion in
damages for trade secret misappropriation.
    In morning trading, Appian shares were up 25.1% at $53.83,
while Pegasystems was down 20.6% at $52.38.
    The damages award issued by the Fairfax County jury after a
seven-week trial, and may be the largest in Virginia's history,
Appian said.
    Pegasystems did not immediately respond to requests for
comment.

 (Reporting by Jonathan Stempel in New York)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))