NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims against WageWorks, Inc. (NYSE:WAGE). Our investigation concerns possible breaches of fiduciary duty by certain officers and directors of the Company.
On March 1, 2018, WageWorks announced that it was delaying its Annual Report on Form 10-K for the year ended December 31, 2017, as well as its financial results and associated conference call for the fourth quarter of 2017. The Company further announced that there was a material weakness in its internal control over financial reporting as of December 31, 2017 related to managing change and assessing risk in the areas of non-routine and complex transactions. As a result of the material weakness, the Company concluded that its internal control over financial reporting and disclosure controls and procedures were ineffective as of December 31, 2017.
On March 9, 2018, a lawsuit was filed against WageWorks in the Northern District of California. The complaint alleges that between May 5, 2016 and March 1, 2018 (the “Class Period”), Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) the Company’s financial statements dating back to the beginning of 2016 failed to adequately account for managing change and assessing risk in the areas of non-routine and complex transactions; (3) the Company’s financial statements contained errors; (4) the Company’s financial statements dating back to the first quarter of 2016 were not reliable; and (5) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On April 5, 2018, WageWorks announced that Chief Executive Officer, Joseph L. Jackson, Chief Financial Officer, Colm M. Callan, and Senior Vice President, General Counsel, and Corporate Secretary, Kimberly L. Wilford, had resigned.
If you purchased or otherwise acquired WageWorks shares and continue to hold shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the WageWorks, Inc. lawsuit, please go to https://bespc.com/wage-2/ . For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.