NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims against certain officers and directors of WageWorks, Inc. (NYSE: WAGE). 

According to a complaint filed March 9, 2018, WageWorks repeatedly issued encouraging financial results, assuring investors that the company’s disclosure controls and procedures were effective. Despite WageWorks’ positive representations, the company failed to adequately manage and assess risk relating to certain complex transactions and improperly recognized revenue, thereby inflating its earnings. While WageWorks’ stock was artificially inflated, WageWorks’ Chief Executive Officer sold nearly all of his holdings in WageWorks common stock, including 495,148 shares for net proceeds of $31.3 million. Notably, his sales were not made pursuant to a 10b5-1 trading plan and they were dramatically out of line with past trading practices. On March 1, 2018, WageWorks revealed that it would delay filing its Form 10-K. On this news, WageWorks’ stock price fell over 18%, closing at $42.70 per share on March 1, 2018. On March 2, 2018, WageWorks revealed that it had a material weakness in the company’s internal controls and that its Audit Committee was investigating the company’s revenue recognition practices.

If you are a long term stockholder of WageWorks, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into WageWorks please go to http://bespc.com/wageworks/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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