The Shareholders Foundation announces that an investor, who purchased shares of Barrett Business Services, Inc. (NASDAQ:BBSI), filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged violations of Federal Securities Laws by Barrett Business Services in connection with certain allegedly false and misleading statements made between February 12, 2013 and October 29, 2014.
Investors who shares of Barrett Business Services, Inc. (NASDAQ:BBSI) have certain options and for certain investors are short and strict deadlines running. Deadline: January 5, 2015. NASDAQ:BBSI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Barrett Business Services, Inc. (NASDAQ:BBSI) common shares between February 12, 2013 and October 29, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between February 12, 2013 and October 29, 2014 the defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Barrett Business Services, Inc. under accrued its self-insured workers’ compensation reserves, that as a result, Barrett Business Services, Inc. overstated its earnings, that Barrett Business Services, Inc. lacked adequate internal and financial controls, and that, as a result of the foregoing, defendants’ statements were materially false and misleading at all relevant times.
Barrett Business Services, Inc. reported that its annual Total Revenue rose from $402.65 million in 2012 to $532.84 million in 2013 and that its respective Net Income increased from $13.13 million to $17.89 million. Shares of Barrett Business Services, Inc. (NASDAQ:BBSI) grew from $16.99 per share in February 2012 to as high as $100.90 per share in January 2014.
Since then NASDAQ:BBSI shares lost substantial value.
In April 2014 Barrett Business Services, Inc. announced its first quarter 2014 financial results. Barrett Business Services, Inc. reported that its first quarter Revenue rose from $111.55 million in 2013 to $135.14 million in 2014, while its first quarter Net Loss increased from $2.55 million in 2013 to $3.58 million in 2014. In July 2014 Barrett Business Services, Inc. announced its second quarter 2014 financial results. Barrett Business Services, Inc. reported that its second quarter Revenue rose from $128.80 million in 2013 to $151.07 million in 2014 and that its second quarter Net Income increased from $5.89 million in 2013 ro $7.28 million in 2014.
Shares of Barrett Business Services, Inc. (NASDAQ:BBSI) declined to $39.49 per share in October 2014.
Then on October 28, 2014, Barrett Business Services, Inc. announced its third quarter 2014 financial results. Barrett Business Services, Inc. reported that its third quarter Revenue rose from $147.97 million in 2013 to $174.96 million in 2014, while its third quarter Net Income of $8.99 million in 2013 turned into a third quarter Net Loss of $37.81 million in 2014. Shares of Barrett Business Services, Inc. (NASDAQ:BBSI) declined to as low as $18.25 per share on October 29, 2014.
On November 14, 2014, NASDAQ:BBSI shares closed at $22.60 per share.
Those who purchased shares of Barrett Business Services, Inc. (NASDAQ:BBSI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com