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Barrett Business Services, Inc.

Case Summary

Barrett Business Services, Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 04/10/2018 (Date of order of distribution of settlement)

Filing Date: November 06, 2014

According to the law firm press release, Barrett Business Services provides a variety of business management solutions for small and medium-sized companies in the United States. The Complaint alleges that defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s operations and financial performance and prospects. Specifically, the Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company under accrued its self-insured workers’ compensation reserves; (2) as a result, the Company overstated its earnings; (3) the Company lacked adequate internal and financial controls; and (4), as a result of the foregoing, defendants’ statements were materially false and misleading at all relevant times.

On October 28, 2014, BBSI disclosed that it had a $37.8 million net loss for its 2014 fiscal third quarter. The Company attributed the loss to an $80 million pretax increase in workers’ compensation reserves, which effectively wiped out Barrett Business Services’ pretax earnings for the past five years. As a result of this news, the Company’s stock declined more than 58%, or $26.18 per share, to close at $18.28 per share on October 29, 2014, on unusually heavy volume.

A consolidated complaint was filed on April 29, 2015. This Complaint was amended on November 23. A second amended complaint was filed on March 21, 2016.

A Stipulation of Settlement was filed on October 28, 2016. The Settlement was preliminarily approved by the Court on November 7. On February 22, 2017, the Court granted final approval of the Settlement and entered Final Judgment.

On April 10, 2018, the Court issued an Order approving the distribution plan for the Net Settlement Fund.

Company & Securities Information

Defendant: Barrett Business Services, Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BBSI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Mitchell Arciaga, et al. v. Barrett Business Services, Inc., et al.

COURT: W.D. Washington
DOCKET #: 14-CV-05884
JUDGE: Hon. Benjamin H. Settle
DATE FILED: 11/06/2014
CLASS PERIOD START: 02/12/2013
CLASS PERIOD END: 10/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices Of Clifford A. Cantor, P.C.
    627 208th Ave. SE, Law Offices Of Clifford A. Cantor, P.C., WA 98074
    425.868.7813 425.868.7870 ·
  3. The Wagner Firm
    1925 Century Park East, Suite 2100 , The Wagner Firm, CA 90067
    310.491.7949 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint - Class Action - for Violations of Federal Securities Laws 11/06/2014
2 Order 02/25/2015

Reference Complaint

In re Barrett Business Services Securities Litigation

COURT: W.D. Washington
DOCKET #: 14-CV-05884
JUDGE: Hon. Benjamin H. Settle
DATE FILED: 03/21/2016
CLASS PERIOD START: 02/12/2013
CLASS PERIOD END: 03/09/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Byrnes Keller Cromwell LLP
    1000 Second Avenue, 38th Floor, Byrnes Keller Cromwell LLP, WA 98104
    (206) 622-2000 (206) 622-2522 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Amended Complaint 04/29/2015
2 First Amended Consolidated Class Action Complaint 11/23/2015
3 Second Amended Consolidated Class Action Complaint 03/21/2016
4 Stipulation and Agreement of Settlement 10/28/2016
5 Amended Order Preliminarily Approving Settlement and Providing for Notice 11/07/2016
6 Order Awarding Attorneys' Fees and Reimbursement of Litigation Expenses 02/22/2017
7 Judgment Approving Class Action Settlement 02/22/2017
8 Order Approving Plan of Allocation 02/22/2017
9 U.S. District Court Civil Docket 04/10/2018
10 Order Approving Distribution Plan 04/10/2018
 
 

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