NEW YORK, Nov. 11, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Barrett Business Services Inc. ("Barrett" or the "Company") (NASDAQ: BBSI) of the January 5, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Barrett and certain executives.
A complaint has been filed in the Western District of Washington on behalf of all persons who purchased Barrett securities from February 12, 2013 through October 29, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company under accrued the compensation reserves of self-insured workers; (ii) Barrett overstated its earnings; and (iii) the Company failed to employ adequate internal and financial controls.
On October 28, 2014, Barrett announced a $37.8 million net loss in its 2014 fiscal third quarter, stemming from an $80 million pretax increase in workers' compensation reserves.
Following this news, the price of the Company's stock declined by $26.18, or over 58%, to close at $18.28 on October 29, 2014.
Request more information now by clicking here: www.faruqilaw.com/BBSI. There is no cost or obligation to you.
If you invested in Barrett stock or options between February 12, 2013 through October 29, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/BBSI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Barrett's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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