NEW ORLEANS, Nov. 22, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 5, 2015 to file lead plaintiff applications in a securities class action lawsuit against Barrett Business Services Inc. (Nasdaq:BBSI) if they purchased the Company's securities between February 12, 2013 and October 29, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Western District of Washington.
What You May Do
If you purchased shares of Barrett and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 5, 2015.
About the Lawsuit
Barrett and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (i) Barrett under accrued its self-insured workers' compensation reserves; (ii) as a result, Barrett overstated its earnings; and (iii) Barrett lacked adequate internal and financial controls.
On October 28, 2014, Barrett disclosed that it had a $37.8 million net loss for its 2014 fiscal third quarter and attributed the loss to an $80 million pretax increase in workers' compensation reserves, which effectively wiped out its pretax earnings for the past five years.
On this news, the value of Barrett's stock plummeted by over 58%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.