Robbins Arroyo LLP: Barrett Business Services, Inc. (BBSI) Stock Drops Nearly 59% After Company Announces High Losses
SAN DIEGO and VANCOUVER, Wash., Nov. 7, 2014 /PRNewswire/ -- Shareholder rights law firm 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.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/barrett-business-services
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, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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