Paycom Software, Inc. (NYSE: PAYC)

This lawsuit is for anyone who acquired securities in Paycom Software, Inc. (NYSE: PAYC) from February 9, 2022 through November 1, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by issuing and/or not timely correcting guidance when the Company knew the guidance to be false because the Company was aware that its flagship product Beti, which increases efficiency for clients by letting their employees do their own payroll, was ‘cannibalizing’ some revenues the Company would have otherwise earned.

On October 31, 2023, Paycom released its third quarter 2023 financial results and provided financial projections for 2024, estimating 10-12% revenue growth compared to analyst estimates of a 21% increase. The following day, November 1, 2023, Reuters published an article reporting that Paycom “executives said a jump in usage of its flagship product Beti, which increases efficiency for clients by letting their employees do their own payroll, was ‘cannibalizing’ some revenues it would have otherwise earned.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Paycom Software, Inc. (NYSE: PAYC) from February 9, 2022 through November 1, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.