Paycom Software Inc. (NYSE: PAYC)

Join This Class Action

NEW YORK, NY  –  November 15, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf  Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States  District Court for the Western District of Oklahoma against Paycom Software Inc. (“Paycom” or the “Company”) (NYSE: PAYC), on behalf of shareholders who suffered losses on their shares purchased during the period from May 3, 2023 through November 1, 2023 (the “Class Period”), inclusive. 

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than January 9, 2024, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

The filed complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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 the Company’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 Q3 2023 revenue and would have to revise its expected 2023 revenues guidance; and
  • the cannibalization issue resulted in projected 2024 year-over-year revenue growth to between 10% and 12%, well below expectations.

On October 31, 2023, Paycom filed with the United States Securities and Exchange Commission (“SEC”)  on Form 8-K, announcing its financial results for the third quarter of 2023. On the same day, Paycom’s Chief Executive Officer Chad Richison and Chief Financial Officer Craig E. Boelte participated in the Company’s third quarter of 2023 earnings call during which the Company announced that its Beti product—a self-service payroll technology—was cannibalizing a portion of Paycom’s services and revenues. The cannibalization of revenue led the Company to miss its expected revenues for the third quarter of 2023, reporting revenue of $406.3 million compared with its prior projection of $410-$412 million. Additionally, the cannibalization of services and revenues caused Paycom to lower its projected iscal 2023 revenues from the previously projected range of $1.715-$1.717 billion to $1.679-$1.684 billion.

On this news, the price of Paycom shares declined by $94.28 per share, or approximately 38.49%, from $244.97 per share to close at $150.69 on November 1, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at


Wolf Haldenstein Adler Freeman & Herz LLP

Gregory Stone, Director of Case and Financial Analysis

Email: or

Tel: (800) 575-0735 or (212) 545-4774



Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Paycom Software Inc. (NYSE: PAYC). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 11/30/2023