PEGA - Pegasystems Message Board

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Technology Stocks : PEGA - Pegasystems

PEGA 58.97

-1.0%

2:57 PM EST

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To: seth thomas who wrote (237)	11/5/1997 7:20:00 PM
From: Trader Dave	Read Replies (1) of 504

I've done more digging. I will be back with details after it's over, but I think that the risk/reward in this name is not promising until everything is resolved. I do not think the auditors found out about the payment from pega to fdc until september and they actually did not reverse themselves, they just changed their opinion when they found about about the "swap" nature of the contract. The sell side analysts covering the story also did not know about the payment, and they have not discussed it or commented on it YET. I suspect that this will be a major damper on their ringing enthusiasm for the company and will call into question all of the company's unusual approach to revenue recognition. I think the second shoe drop will be worse. More to follow when I get back from San Diego. TD

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