WOLF HALDENSTEIN WAGEWORKS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California  

NEW YORK, March 16, 2018 -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased or otherwise acquired securities of WageWorks, Inc. (“WageWorks” or the “Company”) (NYSE:WAGE) between May 6, 2016 and March 1, 2018, inclusive (the “Class Period”).

Investors who have incurred losses in shares of WageWorks, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of WageWorks, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than May 8, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in WageWorks, Inc.  

The filed complaint alleges that defendant made materially false and/or misleading statements and/or failed to disclose that:

• there were material weaknesses in WageWorks’ systems of internal controls and that its practices and controls were ineffective;
   
• WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts;
   
• WageWorks improperly recognized revenue, thereby inflating its earnings and related financial metrics; and
   
• as a result, WageWorks’ financial statements were materially false and misleading at all relevant times.

On March 1, 2018, the Company announced a delay in the filing of its annual report for the year ended December 31, 2017. The Company further disclosed that it found a “material weakness in its internal control over financial reporting” related to “managing change and assessing risk in the areas of non-routine and complex transactions.” WageWorks further stated that its Audit Committee was investigating accounting matters, and that the investigation may ultimately result in the identification of other material accounting issues.

On this news, the Company’s share price fell $9.75 per share, or nearly 20%, to close at $42.70 on March 1, 2018.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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