According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that:
- Paycom’s Beti product led to cannibalization of the Company’s services and revenues;
- 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;
- as a result of cannibalization of revenue, Paycom missed its expected 3Q23 revenue and would have to revise its expected 2023 revenues;
- the cannibalization issue resulted in projected 2024 year-over-year revenue growth to between 10% and 12%, well below expectations; and
- as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Attorney Advertising. Prior results do not guarantee a similar outcome.