Pegasystems falls on $2 bln settlement ruling by court

Appian

10/05/2022 15:15

** Shares of Pegasystems  PEGA.O  fall 27.5% to $47.82 after
a U.S. court directs the enterprise software-maker to pay $2.036
billion in damages to Appian Corp  APPN.O  for trade secret
misappropriation
    ** APPN shares up 30% at $56.30
    ** Circuit Court for Fairfax County, Virginia found that
PEGA violated the Virginia Computer Crimes Act and its
misappropriation of APPN's trade secrets to be willful and
malicious
    ** APPN had alleged that PEGA hired an employee of a
government contractor to gain unfair access to APPN's software
in order to learn how to better compete with the co
    ** APPN says damages awarded is the largest in Virginia
state court history
    

 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))