| COMPANY |
Paycom Software, Inc. |
| COURTS |
United States District Court for the Western District of Oklahoma |
| CASE NUMBERS |
23-cv-01019 |
| JUDGES |
The Honorable Stephen P. Friot |
| CLASS PERIOD |
February 8, 2022 through October 31, 2023 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Paycom Software, Inc. (“Paycom”) (NYSE: PAYC) securities between February 8, 2022 and October 31, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Paycom had been relying upon a significant, but undisclosed, amount of one-off payroll correction fees to fuel its past outsized revenue growth; (2) increased adoption of Beti by Paycom’s payroll customers was cannibalizing the fees the company had previously been charging to correct common payroll mistakes and to provide related services; (3) the increased Beti adoption was decreasing Paycom’s gross profit margins; and (4) as a result of the foregoing, Defendants’ statements about Paycom’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On April 23, 2024, The Court consolidated the Related Actions, Appointed Lead Plaintiff, and Lead Counsel. Lead Plaintiff filed an Amended Complaint on July 8, 2024. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.