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id: 871, Created by Polina Foster, Scout
Paycom (PAYC) Beti Product Case
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- Paycom's Beti allegelly led to a decrease in the company's services and earnings, and contends that the company was aware of this but failed to disclose.
- On November 1, 2023, the truth came out, leading to a 38% $PAYC fall.
The lawsuit claims that Paycom's Beti caused a decline in the company's services and earnings, information that the company knew but did not disclose.
This led Paycom to miss revenue expectations in 3Q23, prompting adjustments to its 2023 revenue projections and causing a lower-than-expected revenue growth projection for 2024.
This news caused $PAYC fall by 38% and $5.44B loss of market cap, damaging shareholders.
Given all this information, investors have reason to suspect that Paycom didn't disclose their problems with Beti and misled about financial state of the company.
Shock Event Date
01 November 2023
10 November 2023
Lead Plaintiff Deadline
09 January 2024
Stephen P. Friot