NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC) on behalf of Paycom stockholders. Our investigation concerns whether Paycom has violated the federal securities laws and/or engaged in other unlawful business practices.
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Paycom introduced its Beti product in July 2021. Beti is an automated payroll processing system that gives employees the option to do their own payroll, including reviewing and updating payroll errors.
On October 31, 2023, Paycom reported its Q3 2023 financial results, which disclosed disappointing Q3 revenues, revenues guidance for Q4 2023, and an initial 2024 outlook for 10% to 12% revenue growth. Paycom’s reported financial results fell significantly below consensus estimates. At the earnings call, Chief Financial Officer Craig Boelte explained that the Beti product has rendered some of the Company’s existing offerings non-essential. As a result, customers have stopped purchasing Paycom’s other services and billable items, which has affected the Company’s revenues.
On this news, the price of Paycom shares declined by $94.28, or approximately 38.49%, from $244.97 per share to $150.69 on November 1, 2023.
If you purchased or otherwise acquired Paycom shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
