Oklahoma City, OK (March 13, 2018) – On March 9, 2018, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against WageWorks, Inc. (NYSE: WAGE). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 6, 2016 through March 1, 2018. More specifically, this litigation was filed because defendants made materially false and/or misleading statements and/or failed to disclose that: (1) there were material weaknesses in WageWorks’ systems of internal controls and that its practices and controls were ineffective; (2) WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; (3) WageWorks improperly recognized revenue thereby inflating its earnings and related financial metrics; and (4) as a result, WageWorks’ financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On March 1, 2018, WageWorks announced that it would delay filing its annual report on Form 10-K. On the news, shares of WAGE closed at $42.70 per share, down $9.75 per share.

Then, pre-market on March 2, 2018, WageWorks filed a Form 12b-25 with the Securities and Exchange Commission, disclosing, in part, that “[t]he Company has concluded that it has a material weakness in its internal control over financial reporting as of December 31, 2017…” and that “the Company has concluded that its internal control over financial reporting and disclosure controls and procedures were ineffective as of December 31, 2017.”

Plaintiff seeks to recover damages on behalf of all WageWorks, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, May 8, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.