SAN DIEGO, CA / ACCESSWIRE / March 9, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in NYSE: WAGE shares over alleged securities laws violations by Wageworks Inc.
Investors who purchased shares of Wageworks Inc (NYSE: WAGE) have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On March 1, 2018, Wageworks Inc 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." Then, on March 2, 2018, Wageworks Inc announced it required additional time to complete its financial statements and assess its internal controls over financial reporting. Wageworks Inc 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 Inc 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."
The plaintiff claims that the defendants issued, or caused to be issued, a series of allegedly false and/or misleading financial statements, failing to disclose that there were material weaknesses in WageWorks' systems of internal controls and that its practices and controls were ineffective, that WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts, that WageWorks improperly recognized revenue thereby inflating its earnings and related financial metrics, and that as a result of the foregoing, WageWorks' financial statements were materially false and misleading at all relevant times.
Those who purchased Wageworks Inc (NYSE: WAGE) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.