Paycom (PAYC) Beti Product Case

The defendant has requested the court to dismiss the case.

W.D. Oklahoma

Court

5:23-cv-01019

Case number

05/03/2023

Class period Start

11/01/2023

Class period End

01/09/2024

Lead Plaintiff motion deadline

Paycom supposedly didn't disclose problems related to Beti, which led to a decrease in the company's earnings.
On November 1, 2023, the truth came out, leading to a 38% $PAYC fall.

The lawsuit claims that Paycom's Beti caused a decline in the company's services and earnings, information that the company knew but did not disclose.

This led Paycom to miss revenue expectations in 3Q23, prompting adjustments to its 2023 revenue projections and causing a lower-than-expected revenue growth projection for 2024.

This news caused $PAYC fall by 38% and $5.44B loss of market cap, damaging shareholders.

Given all this information, investors have reason to suspect that Paycom didn't disclose their problems with Beti and misled about financial state of the company.

Case Status

Motion to dismiss

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/01/2023

Filing date

11/10/2023

Lead Plaintiff Deadline

01/09/2024

Judge

Stephen P. Friot