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Appian wins $2.04 billion verdict against Pegasystems -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man speaks on the phone while wearing a Pegalog at the SIBOS Banking and Financial Conference in Toronto, Ontario Canada Oct 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Appian Corp (NASDAQ:) Corp, a software and cloud computing company, stated Tuesday that a Virginia jury had ordered Pegasystems Inc to pay $2.04 trillion in damages because of trade secrets misappropriation.

Appian shares rose 25.1% to $53.83 in morning trading while Pegasystems fell 20.6% to $52.38.

Appian stated that the damages awarded by Fairfax County’s jury following a seven week trial may have been the largest ever in Virginia’s History.

Pegasystems has not yet responded to comment requests.

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