CONTACT KTMC

Investor Class Action Filed Against WageWorks, Inc. for Securities Fraud Violations
Company Name: WageWorks, Inc.
Court: United States District Court for the Northern District of California
Case Number: 18-cv-01523
Judge: The Hon. Jeffrey Steven White
Class period: Between May 6, 2016 and March 1, 2018
Security Type: Securities

Case Background:

On March 9, 2018, the initial complaint in this securities class action was filed against WageWorks, Inc. (“WageWorks”), and certain of WageWorks’ directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.

The complaint alleged that the defendants issued, or caused to be issued, a series of false and/or misleading financial statements, failing to disclose that: (i) there were material weaknesses in WageWorks’ systems of internal controls and that its practices and controls were ineffective; (ii) WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; (iii) WageWorks improperly recognized revenue thereby inflating its earnings and related financial metrics, and that, (iv) as a result of the foregoing, WageWorks’ financial statements were materially false and misleading at all relevant times. As a result of the issuance of these false and misleading financial statements, throughout the class period, the common stock of WageWorks traded at artificially inflated prices.

This securities class action lawsuit was brought on behalf of persons and entities that acquired WageWorks securities between May 6, 2016 and March 1, 2018, inclusive.

Current Status of Case:

On June 1, 2020, the Court entered an order denying the defendants’ motion to dismiss, thereby allowing the action to proceed. The parties are currently in the discovery phase of the litigation. The oral argument for the lead plaintiffs’ motion for class certification is currently scheduled for July 9, 2021.  This case is still ongoing.

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please fill out the form and list your purchase and sale transaction(s) in WageWorks, Inc. (NYSE: WAGE) securities between May 6, 2016 and March 1, 2018, inclusive (the “Class Period”):

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

* Denotes required field
 
 
 
 
 
 
# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of WageWorks, Inc. (2018) prior to the Class Period?
Are you a current or former employee of WageWorks, Inc. (2018)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC
disclaimer
I would like to receive
new case alerts by email