NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of purchasers of WageWorks, Inc. (NYSE: WAGE) resulting from allegations that WageWorks may have issued materially misleading business information to the investing public.
On March 1, 2018, WageWorks announced “it is delaying its Annual Report on Form 10K for the year ended December 31, 2017 and its financial results and associated conference call for the fourth quarter of 2017.” On this news, shares of WageWorks fell $9.75 or over 18% to close at $42.70 per share on March 1, 2018.
Then, on March 2, 2018, WageWorks announced it required additional time to complete its financial statements and assess its internal controls over financial reporting. WageWorks concluded it has a material weakness in its internal controls over financial reporting as of December 31, 2017 related to “managing change and assessing risk in the areas of non-routine and complex transactions.” WageWorks further announced its Audit Committee is investigating WageWorks’ internal controls over financial reporting in fiscal 2016 and 2017, including a review of revenue recognition “related to the accounting for a government contract during fiscal 2016 and associated issues with whether there was an open flow of information and appropriate tone at the top for an effective control environment.” On this news, shares of WageWorks continued to fall during intraday trading on March 2, 2018.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by WageWorks investors. If you purchased WageWorks, please visit the firm’s website at http://www.rosenlegal.com/cases-1302.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
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