NEW YORK, March 2, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of WageWorks, Inc. ("WageWorks" or the "Company") (NYSE: WAGE). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether WageWorks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 1, 2018, WageWorks announced: "it is delaying its Annual Report on Form 10-K for the year ended December 31, 2017, and its financial results and associated conference call for the fourth quarter of 2017." On this news, WageWorks' share price 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."
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
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SOURCE Pomerantz LLP
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