WageWorks

Practice Area: 
Stock Symbol: 
WAGE
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating WageWorks, Inc. (NYSE: WAGE) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of WageWorks to HealthEquity.

Ademi & O’Reilly, LLP alleges WageWorks’ financial outlook is improving and yet shareholders will receive only $51.35.  HealthEquity is acquiring WageWorks at a substantial discount.  The merger agreement unreasonably limits competing bids for WageWorks by prohibiting solicitation of further bids, and imposing a termination penalty if WageWorks accepts a superior bid. WageWorks insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of WageWorks’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for WageWorks.