WageWorks Inc


Case Summary
Company Name: WageWorks Inc
Stock Symbol : NYSE: WAGE
Class Period Start: 05/06/2016
Class Period End: 03/01/2018
Lead Plaintiff motion: 05/08/2018
Date Filed: 03/09/2018
Type of Case: Securities Class Action
Court: U.S. District Court for the Northern District of California

Thieler Law Corp advises investors with losses exceeding $100,000 of the May 8, 2018 lead plaintiff deadline in a class action lawsuit filed against Wageworks Inc (NYSE: WAGE) (“WageWorks” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California and investors, who purchased Wageworks Inc securities between May 6, 2016 and March 1, 2018, have until May 8, 2018 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Wageworks Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that there were material weaknesses in the Company's systems of internal controls and that its practices and controls were ineffective; Wage failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; Wage improperly recognized revenue thereby inflating its earnings and related financial metrics; and as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On March 1, 2018, WageWorks issued a press release announcing that the Company would be unable to timely file “its Annual Report on Form 10K for the year ended December 31, 2017[.]”

On this news, NYSE: WAGE fell from $52.45 per share on February 28, 2018 to a closing price of $42.70 on March 1, 2018, a $9.75 or a 18.59% drop.

On March 2, 2018, the Company filed a Form 12b-25 with the Securities and Exchange Commission, revealing, in part, that “[t]he Company has concluded that it has a material weakness in its internal control over financial reporting as of December 31, 2017…” and that “the Company has concluded that its internal control over financial reporting and disclosure controls and procedures were ineffective as of December 31, 2017.”

On this news, NYSE: WAGE continued to drop during intra-day trading on March 2, 2018.

If you were negatively impacted by your investment in Wageworks Inc securities between May 6, 2016 and March 1, 2018 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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