- Ventrillo Jr. v. Paycom Software, Inc., et al.
- Class Period:May 03, 2023 - November 01, 2023
- Date Filed:November 10, 2023
- Jurisdiction:U.S. District Court, Western District of Oklahoma
- Docket Number: 5:23-cv-01019
- Lead Plaintiff Deadline: January 9, 2024
Seek Plaintiff 36
A class action lawsuit captioned Ventrillo Jr. v. Paycom Software, Inc., et al. has been filed against Paycom Software, Inc. (“Paycom” or the “Company”) (NYSE: PAYC) and certain of the Company’s top executive officers alleging that they violated the federal securities laws. The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired publicly traded Paycom securities between May 3, 2023, and November 1, 2023, inclusive (the “Class Period”).
Paycom purports to be a “leading provider of a comprehensive, cloud based human capital management (“HCM”) solution delivered as “Software-as-a-Service” (Saas”).
The complaint alleges that defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Paycom’s Beti product led to cannibalization of Paycom’s services and revenues; (2) 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; (3) as a result of cannibalization of revenue, Paycom missed its expected 3Q23 revenue and would have to revise its expected 2023 Revenues; (4) the cannibalization issue resulted in projected 2024 year-over-year revenue growth to between 10% and 12%, well below expectations; and (5) 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.
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If you purchased or otherwise acquired Paycom publicly traded Paycom securities between May 3, 2023, and November 1, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at firstname.lastname@example.org.
The deadline to apply to the Court to serve as a lead plaintiff in the Paycom lawsuit is January 09, 2024.