Lincolnshire Police Pension Fund v. Jackson CA1/2

BACKGROUND

The Securities Action In May 2019, a class of investors who purchased stock in WageWorks, a publicly traded Delaware corporation headquartered in San Mateo, filed in federal district court its consolidated amended class action complaint against certain WageWorks officers, directors, and underwriters, including the company’s CEO, Joseph Jackson. (In re WageWorks, Inc. Securities Litigation (N.D.Cal. 2019, No. 4:18-CV-01523-JSW) (usually referred to as the securities action).)1 The securities action complaint alleged violations of the Securities

1 Information on the securities action comes to us from defendants’ request that we take judicial notice of (1) the consolidated amended class action complaint, referred to usually as the securities action complaint; (2) the settlement agreement; and (3) judgment. We grant the unopposed request. (Evid. Code, §§ 452, subd. (d), 459.)

2 Act of 1933 and the 1934 Exchange Act resulting from what is known as a “pump and dump” scheme that occurred between May 5, 2016 and March 1, 2018. In this scheme, certain corporate officers and directors spread false or misleading information about WageWorks’s financial condition in order to…