NEW YORK, NY / ACCESSWIRE / December 16, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Paycom Software, Inc. ("Paycom" or the "Company") (NYSE:PAYC). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Paycom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 31, 2023, Paycom filed with the U.S. Securities and Exchange Commission a current report on Form 8-K announcing its financial results for the period ended September 30, 2023. That same day, the Company hosted an earnings call to discuss its financial results. On the call, the Company disclosed that Beti, its self-service payroll technology offering, was cannibalizing a portion of the Company's services and revenues. Consequently, Paycom reported quarterly revenue of only $406.3 million, lower than its prior projection of $410-$412 million, and also lowered its projected 2023 revenues.
On this news, Paycom's stock price fell $94.28 per share, or 38.38%, to close at $150.69 per share on November 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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