Paycom Software, Inc. (PAYC) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged Wrongdoings
News provided byACCESSWIRE
Nov 20, 2023, 11:00 AM ET
NEW YORK, NY / ACCESSWIRE / November 20, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Paycom Software, Inc. ("Paycom" or "the Company") (NYSE:PAYC). Investors who purchased Paycom securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/payc.
The investigation concerns whether Paycom has violated federal securities laws.
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 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, the price of Paycom stock plunged by $94.28 per share, or 38.38%, to close at $150.69 per share on November 1, 2023, on unusually heavy trading volume.
If you are aware of any facts relating to this investigation or purchased Paycom securities, you can assist this investigation by visiting the firm's site: bgandg.com/payc. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
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SOURCE: Bronstein, Gewirtz & Grossman, LLC
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