Appian wins $2.04 billion verdict against Pegasystems
2022.05.10 17:26
FILE PHOTO: A man talks on the phone under a Pega logo at the Pegasystems booth at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
(Reuters) – Appian (NASDAQ:APPN) Corp, a cloud computing and software company, said on Tuesday that a Virginia jury ordered rival Pegasystems (NASDAQ:PEGA) Inc 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.
