NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) — 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 Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, 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.
[Click here for information about joining the class action]
On October 31, 2023, Paycom reported its financial results for the third quarter of 2023 and provided financial projections for 2024. In response to Paycom’s reported financial results and projections, MarketWatch released an article entitled “Paycom’s stock plunges 32% as payroll company whiffs on earnings outlook”, which stated that “Paycom expects 10% to 12% revenue growth in 2024. Analysts had previously been modeling a 21% rise.”
Then, on November 1, 2023, Reuters released an article entitled “Paycom’s weak revenue forecast hammers stock to nearly five-year low.” The article cited Paycom’s third quarter 2023 earnings call, wherein “[c]ompany 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, Paycom’s stock price fell $94.28 per share, or 38.49%, 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.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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