Barrett Business Services
Robbins Arroyo LLP: Barrett Business Services, Inc. (BBSI) Stock Drops Nearly 59% After Company Announces High Losses
Robbins Arroyo LLP is investigating potential violations of federal securities laws on behalf of investors of Barrett Business Services, Inc. (NasdaqGS: BBSI). Barrett provides business management solutions for small and medium-sized companies in the United States.
Barrett Shares Fall on News of High Net Losses for Third Quarter
Shares of Barrett initially declined more than 15%, or $8.95 per share, to close at $48.69 per share on September 16, 2014, following an analyst report noting that the company may be required to recognize a material charge to substantially increase its loss reserves. Shortly thereafter, on October 28, 2014, Barrett confirmed the concerns noted in the analyst report and reported a net loss of $37.8 million for its third quarter ended September 30, 2014. The company attributed the loss to an $80 million pretax increase in workers’ compensation reserves, thereby erasing Barrett’s past five years’ worth of pretax earnings. On this news, Barrett’s stock fell an additional $26.18 per share, or nearly 59%, to close at $18.28 per share on October 29, 2014.
Barrett Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
Robbins Arroyo LLP is investigating whether Barrett misled investors about the financial condition and performance of the company.
If you invested in Barrett and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.