Defendant Name:
Paycom Software, Inc.
Defendant Type:
Public Company
SIC Code:
7372
CUSIP:
70432V10
Document Reference:
34-92527
Document Details
Legal Case Name
In the Matter of Paycom Software, Inc.
Document Name
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
Document Date
30-Jul-2021
Document Format
Administrative Proceeding
AAER
4236
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$250,000.00
Shared:
