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PAYC.US
id: 871
Paycom (PAYC) Beti Product Case
W.D. Oklahoma
Court5:23-cv-01019
Case number03 May 2023
Class period Start01 Nov 2023
Class period End09 Jan 2024
Lead Plaintiff motion deadline- Paycom supposedly didn't disclose problems related to Beti, which led to a decrease in the company's earnings.
- 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 November 2023
Filing date
10 November 2023
Lead Plaintiff Deadline
09 January 2024
Judge
Stephen P. Friot