SAN FRANCISCO, April 20, 2018 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in WageWorks, Inc. (NYSE: WAGE) to the recently announced financial restatement and reminds them of the May 8, 2018 Lead Plaintiff deadline in the pending securities class action. If you purchased or otherwise acquired securities of WageWorks between May 5, 2016 and March 1, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
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."
This news drove the price of WageWorks shares down $9.75, or nearly 19%, to close at $42.70 on March 1, 2018.
On April 5, 2018, Defendants announced preliminary indications of the Company's internal review indicate fiscal 2016 revenues were overstated in the range of $6.5 million to $9.5 million and fiscal 2016 net income was overstated in the range of $3.5 million to $5.5 million. The internal review is ongoing.
In addition, Defendants announced WageWorks' CEO Joseph L. Jackson resigned effective April 5, 2018.
In addition, SEC filings show WageWorks' CEO sold approximately $34 million of his shares during June 2017.
"We're focused on investors' losses, Defendants' non-compliance with generally accepted accounting principles, whether the CEO's sales were improper, and the final adjustments to the Company's historical financial statements," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding WageWorks should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected]
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Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP