Barrett Business Services Inc (NASDAQ: BBSI) Investor Securities Class Action Lawsuit 11/06/2014

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Company Name(s): 
Barrett Business Services
Case Name: 
Barrett Business Services Shareholder Class Action Lawsuit 11/06/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: BBSI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/06/2014
Class Period Begin: 
02/12/2013
Class Period End: 
03/09/2016
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
01/05/2015
Date Settled: 
11/07/2016
Settlement Amount: 
$12,000,000
Deadline to Participate in Settlement: 
03/21/2017
Summary: 

November 7, 2016 - The court preliminarily approved the settlement.

October 28, 2016 - Parties filed a stipulation of settlement.

May 23, 2016 - Defendants filed a motion to dismiss.

March 21, 2016 - The lead plaintiff filed another amended consolidated complaint.

February 16, 2016 - Defendants filed a motion to dismiss.

November 23, 2015 - The lead plaintiff filed another amended consolidated complaint.

June 12, 2015 - Defendants filed a motion to dismiss.

April 29, 2015 - The lead plaintiff filed an amended consolidated complaint.

February 25, 2015 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 6, 2014 - An investor in shares of Barrett Business Services Inc (NASDAQ: BBSI) filed a lawsuit in the U.S. District Court for the Western District of Washington against Barrett Business Services Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 12, 2013 and October 29, 2014.

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 In. 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.