LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of WageWorks Inc. (“WageWorks” or the “Company”) (NYSE: WAGE) between May 6, 2016 and March 1, 2018, inclusive (the “Class Period”). WageWorks investors have until May 8, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the WageWorks page on our website at www.glancylaw.com/case/wageworks-inc. Investors that suffered losses on their WageWorks investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On March 1, 2018, the Company announced a delay in the filing of its annual report for the year ended December 31, 2017. The Company further disclosed that it found a “material weakness in its internal control over financial reporting” related to “managing change and assessing risk in the areas of non-routine and complex transactions.” WageWorks further stated that its Audit Committee was investigating accounting matters, and that the investigation may ultimately result in the identification of other accounting issues. On this news the Company’s share price fell $9.75 per share, or nearly 20%, to close at $42.70 on March 1, 2018.
The complaint filed in this class action alleges that defendants during the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) there were material weaknesses in WageWorks’ systems of internal controls and that its practices and controls were ineffective; (2) WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; (3) WageWorks improperly recognized revenue thereby inflating its earnings and related financial metrics; and (4) as a result, WageWorks’ financial statements were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of WageWorks during the Class Period you may move the Court no later than May 8, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.