Barrett Shareholder Alert: National Securities Law Firm Announces the Filing of a Class Action Lawsuit to Recover Losses for Those Shareholders Who Purchased Barrett Business Services, Inc. Securities. Encourages Shareholders With Losses in Excess of $100,000 to Contact Law Firm
November 7, 2014
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces the filing of a class action lawsuit against Barrett Business Services, Inc. (“Barrett” or the “Company”) (Nasdaq:BBSI) and certain of its officers. The class action, filed in United States District Court for the Western District of Washington, and docketed under 3:14-cv-o5884, is on behalf of a class consisting of all persons or entities who purchased Barrett securities between February 12, 2013 and October 29, 2014, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company under accrued its self-insured workers’ compensation reserves; (2) that, as a result, the Company overstated its earnings; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, Defendants’ statements were materially false and misleading at all relevant times.
On October 28, 2014, Barrett disclosed that it had a net loss of $37.8 million for its 2014 fiscal third quarter. According to the Company, this loss was driven by an $80 million pretax increase in workers’ comp reserves, which effectively wiped out the Company’s past five years of pretax earnings.
As a result of this news, the Company’s stock declined $26.18 per share, over 58%, to close on October 29, 2014 at $18.28 per share.
If you are a shareholder of Barrett and purchased your shares during the Class Period and suffered losses in excess of $100,000, and would like additional information as to how you may be eligible to recover your losses, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.