SAN FRANCISCO, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Paycom Software, Inc. (NYSE: PAYC) investors who suffered substantial losses to submit your losses now.
| Visit: www.hbsslaw.com/investor-fraud/PAYC | |
| Contact An Attorney Now: | PAYC@hbsslaw.com |
| 844-916-0895 | |
Paycom Software, Inc. (NYSE: PAYC) Investigation:
The investigation focuses on the propriety of Paycom’s statements and risk disclosures concerning the company’s core Beti platform.
On Oct. 31, 2023, Paycom reported its Q3 2023 financial results, including disappointing Q3 revenues, and guided for Q4 2023 and 2024 revenues that were significantly below consensus estimates. At the earnings call, Paycom CEO Craig Boelte explained that Paycom’s growth is being curbed by cannibalization, noting that clients have been cutting down spending on some services and other purchases because Beti has made them nonessential.
Analysts at Jeffries reportedly stated, “While investors were braced for soft results and guidance, PAYC shocked everyone by providing an initial 2024 outlook for 10% to 12% rev growth” and “[m]anagement largely attributed the second half weakness to cannibalization of services revenue.” Another analyst at BMO Capital Markets reportedly said “[t]he challenges facing Paycom are now fully exposed following the Q3 miss and guide down for 2024.”
In response, the price of Paycom shares crashed $94.28 lower (or down about 38%) on Nov. 1, 2023.
“We’re focused on investors’ losses and are investigating whether Paycom may have misled investors about the potentially adverse impact that Beti could have on other sources of revenue,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Paycom and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Paycom investigation, read more »
Whistleblowers: Persons with non-public information regarding Paycom should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PAYC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
