Wageworks Agrees to Pay $30 Million to Resolve Shareholder Suit

Wageworks Inc. will pay $30 million to resolve a securities class action alleging that it misled investors about its 2016 financial results and related accounting methodologies, according to a motion for preliminary approval filed in the Northern District of California.

The average recovery per implicated share would be $1.47, after accounting for proposed attorneys’ fees and expenses. For commons stock purchased directly through Wageworks’ secondary offering on Jun. 19, 2017, the recovery would be would be $1.96 per share.

The highest per-share recovery plaintiffs estimate class members could have recovered if successful at trial would have been $14.01, depending on ...