Bragar Eagel & Squire, PC Investigate Pegasystems,
NEW YORK, May 29, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Pegasystems, Inc. (NASDAQ: PEGA), Unity Software, Inc. (NYSE: U), Allianz SE (OTCMKTS: ALIZY) and Digital Turbine, Inc. (NASDAQ: APPS). Our investigations focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on each case can be found at the link provided.
Pegasystems, Inc. (NASDAQ: PEGA)
On May 10, 2022, Appian announced that it had received a verdict from a jury in Fairfax County, Virginia Circuit Court awarding it $2.036 billion in damages from Pegasystems Inc. (NASDAQ: PEGA) for misappropriation of trade secrets. The jury also found that Pegasystems violated the Virginia Computer Crimes Act. The jury further found that Pegasystems’ misappropriation of Appian’s trade secrets was willful and malicious. Appian took the case to court to ensure the protection of its proprietary intellectual property, including its trade secrets.
On this news, Pegasystems stock fell $13.68, or 20.75%, to close at $52.25.
For more information on the Pegasystems investigation, visit: https://bespc.com/cases/PEGA
Unity Software, Inc. (NYSE: U)
Unity is a video game software development company.
On May 10, 2022, after the market closed, Unity announced its first quarter 2022 financial results. The company also cut its guidance for fiscal 2022 “due to issues with monetization products”. More specifically, “a defect of [Unity’s] Platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue-intensive problem given that [the] The Pinpointer tool has seen significant growth after the IDFA changes. »
On this news, Unity’s stock price fell $17.83 per share, or about 37%, from $48.13 per share to close at $30.30 per share on May 11, 2022.
For more information on the Unity Software survey, visit: https://bespc.com/cases/U
Allianz SE (OTCMKTS: ALIZY)
On August 1, 2021, Allianz disclosed that “the U.S. Department of Justice (“DOJ”) has initiated an investigation regarding structured alpha funds” and that “there is a relevant risk that issues relating to structured alpha funds may be material impact on the future financial results of the Allianz Group.
On this news, Allianz’s stock price fell $2.00 per share, or 8%, to close at $22.85 per share on August 2, 2021.
Then, on May 17, 2022, Allianz pleaded guilty to securities fraud, admitting that it lacked internal controls and oversight for a series of private investment funds and made false and misleading statements to investors. The company agreed to pay $6 billion in penalties and restitution.
On this news, Allianz stock price fell $4.54 per share, or 2.1%, to close at $208.00 on May 18, 2022.
For more information on the Allianz investigation, visit: https://bespc.com/cases/ALIZY
Digital Turbine, Inc. (NASDAQ:APPS)
On May 17, 2022, Digital Turbine announced that it “will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021 and December 31, 2021, following a review of the presentation of revenue net of royalties and revenue sharing for businesses recently acquired by the Company.” The Company clarified that “revenues from certain product lines of recently acquired businesses, which are separate reportable segments, will now be presented net of license fees and revenue share, rather than on a gross basis, as previously stated.”
On this news, Digital Turbine’s stock fell $1.93, or 7.1%, to close at $25.28 per share on May 18, 2022, hurting investors.
For more information on the Digital Turbine survey, visit: https://bespc.com/cases/APPS
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Melissa Fortunato, Esq.