LOS ANGELES, CA / ACCESSWIRE / March 7, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of WageWorks, Inc.("WageWorks" or "the Company") (NYSE: WAGE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares are encouraged to contact the firm.
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We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. 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." When the truth was revealed to the investing public, shares dropped causing shareholders harm.
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The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
SOURCE: The Schall Law Firm