NEW YORK, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, 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 August 1, 2023, Paycom announced that its gross margin for the second quarter of 2023 declined from 84.2% to 83.2%. Paycom further projected revenue guidance for the third quarter of 2023 between $410 million to $412 million, below market expectations. On this news, the price of Paycom’s stock price fell $70.92 per share, or 19.19%, to close at $298.59 per share on August 2, 2023.
Then, on October 31, 2023, Paycom disclosed that increased Beti adoption had been cannibalizing the one-off fees Paycom had previously been receiving for correcting payroll errors and that Paycom had been relying on those additional payroll correction fees to support its past outsized revenue growth.
On this news, the price of Paycom’s stock price $94.08 per share, or 38.48%, to close at $150.37 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:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
