Defendant Name: Paycom Software, Inc.

Defendant Type: Public Company
SIC Code: 7372
CUSIP: 70432V10

Initial Case Details

Legal Case Name In the Matter of Paycom Software, Inc.
First Document Date 30-Jul-2021
Initial Filing Format Administrative Action
File Number 3-20443
Allegation Type Issuer Reporting and Disclosure
AAER 4236

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 30-Jul-2021
Headline Total Penalty and Disgorgement $250,000

Related Documents:

34-92527 30-Jul-2021 Administrative Proceeding
Order instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing A Cease-And-Desist Order
On July 30, 2021, the SEC instituted settled cease-and-desist proceedings against Paycom Software, Inc. stating: "This matter concerns violations of the federal securities laws in connection with Paycom’s books and records and internal accounting controls, which first attached in April 2014 when Paycom became a public company. Paycom has overstated reported recurring revenues for 2011 through 2020 as a result of it “reselling” services (i.e., billing clients for services for which they were already paying) during the period from 2011 through 2018."
34-92527-s 30-Jul-2021 Administrative Summary
SEC Charges Paycom for Overbilling Clients
The SEC "announced settled charges against Paycom Software, Inc. for violating the books and records and internal accounting controls provisions of the federal securities laws in connection with its overbilling of clients. Paycom has agreed to pay $250,000 to settle the action."