Tysons low-code software company Appian Corp. (NASDAQ: APPN) this week won a $2.04 billion verdict in a trade-secrets lawsuit against competitor Pegasystems Inc. (NASDAQ: PEGA).
The damages awarded in Fairfax County Circuit Court at the conclusion of a seven-week trial are believed to be the largest in state history.
“We put forward strong evidence that Appian trade secrets were misappropriated by Pegasystems,” Christopher Winters, general counsel at Appian, said in a statement. “The award of substantial damages to Appian is entirely appropriate given the nature and extent of what Pegasystems did.”
In a statement, Cambridge, Massachusetts-based Pegasystems said it “strongly disagrees” with the claims and verdict in the lawsuit, adding that it believes both are not supported by the facts of the case or the law “and are the result of significant error.”
“We have strong grounds to overturn this result, and we are actively pursuing all legal options,” the company…Read the full story from the Washington Business Journal.