NEW YORK–(BUSINESS WIRE)–$PAYC #classactionlawsuit–The law firm of Kirby McInerney LLP is investigating potential claims against Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC). The investigation concerns whether Paycom and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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.
If you purchased or otherwise acquired Paycom securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
[email protected]
