The law firm of Robbins Geller Rudman & Dowd LLP announces that the Paycom class action lawsuit, captioned Ventrillo v. Paycom Software, Inc., No. 23-cv-01019 (W.D. Okla.), charges Paycom Software, Inc. (NYSE: PAYC) and certain of its top executive officers with violations of the Securities Exchange Act of 1934. Lead plaintiff motions for the Paycom class action lawsuit must be filed with the court no later than January 9, 2024.
If you suffered substantial losses and wish to serve as lead plaintiff of the Paycom class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Paycom purports to be a “leading provider of a comprehensive, cloud-based human capital management . . . solution delivered as Software-as-a-Service.”
The Paycom class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) Paycom’s Beti product led to cannibalization of Paycom’s services and revenues; (ii) Paycom knew but failed to disclose that Beti was leading to cannibalization of Paycom’s services and revenues, and failed to warn of cannibalization as a general risk; (iii) as a result of cannibalization of revenue, Paycom missed its expected third quarter of 2023 revenue and would have to revise its expected 2023 revenues; and (iv) the cannibalization issue resulted in projected 2024 year-over-year revenue growth to between 10% and 12%, below expectations.
The Paycom class action lawsuit further alleges that on October 31, 2023, Paycom announced that Beti was cannibalizing a portion of Paycom’s services and revenues, which led Paycom to miss revenue projections for the third quarter of 2023 and revise its financial guidance. The Paycom class action lawsuit alleges that on this news, the price of Paycom stock fell more than 38%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Paycom publicly traded securities during the class period to seek appointment as lead plaintiff of the Paycom class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Paycom class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Paycom class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Paycom class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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