In May 2022 an investor in NASDAQ: PEGA shares filed a lawsuit against Pegasystems Inc. The plaintiff alleged that the defendants made materially false and misleading statements between May 29, 2020, and May 9, 2022, including by failing to disclose that Pegasystems had misappropriated trade secrets to better compete against Appian Corp, a principal competitor, that the Defendants' product development and associated success was, in significant part, not the result of its own research and product testing but rather the result of corporate espionage and trade secret theft, and that Defendants had engaged in a scheme to steal Appian trade secrets, which was not only known to, but carried out through, the personal involvement of the Company's CEO.