LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of Barrett Business Services, Inc. (“Barrett Business Services” or the “Company”) (NASDAQ:BBSI) that purchasers of Barrett Business Services securities between February 12, 2013 and October 29, 2014, inclusive (the “Class Period”), have until January 5, 2015, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Western District of Washington.
Barrett Business Services provides a variety of business management solutions for small and medium-sized companies in the United States. The Complaint alleges that defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s operations and financial performance and prospects. Specifically, the Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company under accrued its self-insured workers’ compensation reserves; (2) as a result, the Company overstated its earnings; (3) the Company lacked adequate internal and financial controls; and (4), as a result of the foregoing, defendants’ statements were materially false and misleading at all relevant times.
On October 28, 2014, Barrett Business Services disclosed that it had a $37.8 million net loss for its 2014 fiscal third quarter. The Company attributed the loss to an $80 million pretax increase in workers’ compensation reserves, which effectively wiped out Barrett Business Services’ pretax earnings for the past five years. As a result of this news, the Company’s stock declined more than 58%, or $26.18 per share, to close at $18.28 per share on October 29, 2014, on unusually heavy volume.
If you are a member of the Class described above, you may move the Court no later than January 5, 2015, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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