LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On October 31, 2023, Paycom released its third quarter 2023 financial results and provided financial projections for 2024, estimating 10-12% revenue growth compared to analyst estimates of a 21% increase. The following day, November 1, 2023, Reuters published an article reporting that Paycom “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, or 38.4%, to close at $150.69 per share on November 1, 2023, thereby injuring investors.
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If you purchased Paycom securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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