Mar. 11, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term stockholders of shares of Wageworks Inc (NYSE:WAGE) was announced concerning whether certain Wageworks WAGE officers and directors possibly breached their fiduciary duties in connection with certain statements.
The investigation by a law firm concerns whether certain Wageworks officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders' approval for amending and restating the 2010 Equity Incentive Plan.
In the Proxy Statement filed by Wageworks Inc with the Securities and Exchange Commission the Board of Directors recommends that WageWorks' shareholders vote to amend and restate the 2010 Equity Incentive Plan to add 1,000,000 shares reserved thereunder. The Proxy Statement also recommends that shareholders vote to approve the Company's Executive Bonus Plan.
Wageworks Inc reported that its annual Total Revenue increased from $135.64 million in 2011 to $177.28 million in 2012 while its Net Income declined from $33.32 million in 2011 to $10.50 million in 2012.
Shares of Wageworks Inc (NYSE:WAGE) grew from $10.38 per share in May 2012 to as high as $24.50 per share on Feb. 25, 2013.
On March 11, 2013, NYSE:WAGE shares closed at $24.01 per share.