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id: 919, Created by Polina Foster, Scout
Paycom (PAYC) Beti Product Second Case
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S.D. New YorkCourt
09 Feb 2022Class period Start
31 Oct 2023Class period End
- 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.
- There is another related complaint against Paycom, which is currently pending in the Western District of Oklahoma.
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
21 December 2023
Lead Plaintiff Deadline
09 January 2024