NEW YORK, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired the publicly traded securities of Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC) securities between May 3, 2023 and November 1, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Paycom securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 9, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, in July 2021 Paycom launched “Beti” that according to Paycom was “an Industry-First Employee Driven Payroll Solution,” allowing employees to do their own payroll.
The Class Period begins on May 3, 2023, following the company's after-market earnings call on May 2, 2023. During the May 2, 2023 earnings call and throughout the Class Period, Paycom repeatedly made materially false and misleading statements which allegedly extolled Beti's purported benefits and that Beti “continues to be a key differentiator in the market,” while omitting that Beti was also cannibalizing the company's services and revenues.
According to the complaint, on October 31, 2023, Paycom shocked the market when it reported its third quarter 2023 (“Q3 2023”) financial results and disclosed that the company's Beti product was cannibalizing a portion of Paycom's services and revenues, which led the company to miss its expected revenues for Q3 2023. The cannibalization of services and revenues also caused Paycom to lower its projected fiscal 2023 revenues.
Following this news, the price of Paycom shares declined by $94.28, about 38.5%, from $244.97 per share to close at $150.69 per share on November 1, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
