NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against WageWorks, Inc. (“WageWorks” or the “Company”) (NYSE:WAGE).
Specifically, during intraday trading 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, WageWorks’ share price 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. Then, pre-market on March 2, 2018, WageWorks filed a Form 12b-25 with the Securities and Exchange Commission, disclosing, 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.”
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