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PAYC.US

Paycom (PAYC) Beti Product Second Case

S.D. New York
Court
1:23-cv-11086
Case number
09 Feb 2022
Class period Start
31 Oct 2023
Class 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.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 November 2023
Filing date
21 December 2023
Lead Plaintiff Deadline
09 January 2024
Collecting participants…
Created by Polina Foster, Scout

Paycom Soft

Paycom Software, Inc. provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality ...

    Ticker
    PAYC.US
    ISIN
    US70432V1026
    CIK
    1590955
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    7501 West Memorial Road, Oklahoma City, OK, United States, 73142