PAYCOM SHAREHOLDER ALERT: Faruqi & Faruqi Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Paycom To Contact Him Directly To Discuss The
- S&P, Dow eke out another record closing high as Nvidia momentum endures
- Goldman Sachs no longer expects Fed rate cut in May - reports
- Stocks eke out gain as Nvidia rally slows, yields slip
- Oil ends lower, posts weekly decline as US rate cut hopes dim
- Dollar index on track for first weekly fall this year
If you suffered losses exceeding $100,000 investing in Paycom securities between May 3, 2023 and November 1, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/PAYC.
There is no cost or obligation to you.
NEW YORK, Dec. 02, 2023 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC) and reminds investors of the January 9, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Paycom's Beti product led to cannibalization of Paycom's services and revenues; (2) Paycom knew but failed to disclose that Beti was leading to cannibalization of Paycom's services and revenues, and failed to warn of cannibalization as a general risk; (3) as a result of cannibalization of revenue, Paycom missed its expected 3Q23 revenue and would have to revise its expected 2023 Revenues; (4) the cannibalization issue resulted in projected 2024 year-over-year revenue growth to between 10% and 12%, well below expectations; and (5) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Paycom introduced its Beti product in July 2021. Beti is an automated payroll processing system that gives employees the option to do their own payroll, including reviewing and updating payroll errors.
On October 31, 2023, Paycom reported its Q3 2023 financial results, which disclosed disappointing Q3 revenues, revenues guidance for Q4 2023, and an initial 2024 outlook for 10% to 12% revenue growth. Paycom's reported financial results fell significantly below consensus estimates. At the earnings call, Chief Financial Officer Craig Boelte explained that the Beti product has rendered some of the Company's existing offerings non-essential. As a result, customers have stopped purchasing Paycom's other services and billable items, which has affected the Company's revenues.
On this news, the price of Paycom shares declined by $94.28, or approximately 38.49%, from $244.97 per share to $150.69 on November 1, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Paycom’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a0a9f2a-dfb3-49cd-8c1e-be1134701e30
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Midday movers: Nvidia erases gain; Carvana and Block rise
- ROSEN, TRUSTED INVESTOR COUNSEL, Encourages BioVie Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – BIVI
- ROSEN, A LEADING LAW FIRM, Encourages British American Tobacco p.l.c Investors to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm – BTI
Create E-mail Alert Related CategoriesGlobe Newswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!