PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased WageWorks, Inc. (“WageWorks” or the “Company”) (NYSE: WAGE) securities on the open market between May 6, 2016 and March 1, 2018, inclusive (the “Class Period”).
WageWorks operates spending account management programs such as health and dependent care Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and transit programs. The Complaint alleges that throughout the Class Period, Defendants falsely represented or failed to disclose that: (i) there were material weaknesses in WageWorks’ internal controls; (ii) WageWorks failed to adequately manage and assess risk relating to certain complex transactions; and (iii) WageWorks improperly recognized revenue.
On March 1, 2018, WageWorks announced that it was delaying the filing of its Form 10-K for the year ending December 31, 2017, admitting that there were material weaknesses in its internal controls, and that its controls as to its accounting and earnings disclosures were ineffective. On this news, WageWorks’ share price fell $9.75, or 18.58%, to close at $42.70 per share on March 1, 2018, on heavy volume.
If you purchased WageWorks securities during the Class Period, you may, no later than May 8, 2018, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation.
If you have sustained substantial losses in WageWorks securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. toll-free at 888-844-5862 or via e-mail at classaction@srkattorneys.com. For more detailed information about the firm please visit its website at http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. The firm has recovered hundreds of millions of dollars through judgments and settlements on behalf of thousands of defrauded shareholders and companies.