A Los Angeles law firm says it’s investigating potential claims on behalf of shareholders of Barrett Business Services Inc., the Vancouver-based provider of employment services.
In a news release, The Wagner Firm says its investigation concerns “possible violations of federal securities laws” and focuses on statements the company made about its “financial results, operations and business prospects.”
A Barrett Business Services spokesperson could not be reached for comment Thursday.
The law firm says its investigation specifically relates to Barrett’s third-quarter earnings report on Tuesday, during which the company disclosed that it had a net loss of $37.7 million. That loss was largely due to an $80 million increase in reserves for payments of drawn-out worker compensation claims.
The company saw its stock price plummet by nearly 60 percent, to $18.28 per share at closing.
The company’s stock, which trades on the Nasdaq exchange as BBSI, closed up $2.46 Thursday, at $20.74 per share. The company’s shares have traded as high as $102.20 in the past 52 weeks. Its stock closed at $18.28 yesterday, the lowest for the year.
