| COMPANY |
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 |
May 6, 2016 - March 1, 2018 |
| SECURITY TYPE |
All 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. This securities class action lawsuit was brought on behalf of investors who acquired WageWorks securities between May 6, 2016 and March 1, 2018, inclusive.
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: (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 that, (4) 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.
Current Status of Case:
On June 1, 2020, the Court entered an order denying the Defendants’ Motion to Dismiss. On August 20, 2021, the Court approved the Settlement of this action. This action has concluded.
The deadline to file a claim is September 14, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.wageworkssettlement.com/, or you can contact the claims administrator, Kroll Settlement Administration at 1-833-326-0773.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. 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.