NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Paycom Software, Inc. (NYSE: PAYC) resulting from allegations that Paycom may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Paycom securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-
WHAT IS THIS ABOUT: On October 31, 2023, after market hours, Paycom reported its financial results for the third quarter of 2023 and provided financial projections for 2024. In response to Paycom’s reported financial results and projections, MarketWatch released an article entitled “Paycom’s stock plunges 32% as payroll company whiffs on earnings outlook”, which stated that “Paycom expects 10% to 12% revenue growth in 2024. Analysts had previously been modeling a 21% rise. Then on November 1, 2023, during market hours, Reuters released an article entitled “Paycom’s weak revenue forecast hammers stock to nearly five-year low.” The article stated that “[c]ompany executives said a jump in usage of its flagship product Beti, which increases efficiency for clients by letting their employees do their own payroll, was ‘cannibalizing’ some revenues it would have otherwise earned.”
On this news, Paycom’s stock price fell $94.28 per share, or 38%, to close at $150.69 per share on November 1, 2023, on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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