SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against WageWorks, Inc. (WAGE) & Lead Plaintiff Deadline: May 8, 2018

NEW YORK, NY / ACCESSWIRE / March 30, 2018 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against WageWorks, Inc. (“Wage” or the “Company”) (NYSE: WAGE) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Wage securities between May 6, 2016 through March 1, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/wage.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint alleges that throughout the class period, defendants made false and misleading statements and/or failed to disclose to investors that: (1) there were material weaknesses in the Company’s systems of internal controls and that its practices and controls were ineffective; (2) Wage failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; (3) Wage improperly recognized revenue thereby inflating its earnings and related financial metrics; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.

On March 1, 2018, Wage said that “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.” Following this news, Wage stock dropped $9.75 per share or over 18% to close at $42.70 on March 1, 2018.

Then, on March 2, 2018, Wage revealed that it required additional time to complete its financial statements and review its internal controls over financial reporting. The company determined that there is a material weakness in its internal controls over financial reporting as of December 31, 2017, in connection to “managing change and assessing risk in the areas of non-routine and complex transactions.” Wage also disclosed that its Audit Committee is investigating its internal controls over financial reporting in fiscal 2016 and 2017, which will include 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 of an effective control environment.” Following this news, Wage stock continued to drop during intra-day trading on March 2, 2018.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/wage or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Wage you have until May 8, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 494143