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VANCOUVER, WA--(Marketwired - Mar 21, 2016) - Barrett Business Services, Inc. (BBSI) (
On March 16, 2016, NASDAQ notified BBSI of an additional delinquency due to its failure to timely file its Form 10-K for the year ended December 31, 2015. As a result, BBSI continues to be out of compliance with NASDAQ's rules for continued listing.
As previously reported, BBSI's audit committee has engaged a "Big Four" accounting firm to conduct an independent forensic accounting investigation of BBSI's financial records for the five years beginning January 1, 2011, as well as the first quarter of 2016. The independent forensic accounting review commenced on March 14, 2016. Additionally, on March 21, 2016, BBSI's independent auditors, Moss Adams LLP, commenced their work on the audit of the 2015 financial statements, as well as on the restatements of BBSI's financial statements for 2014, 2013, and 2012.
Previously, NASDAQ granted BBSI an exception until April 29, 2016 to file its Form 10-Q for the quarter ended September 30, 2015. BBSI must submit an update to its original plan to regain compliance with NASDAQ's listing rules to NASDAQ by March 31, 2016. Any additional exception granted by NASDAQ to allow BBSI to regain compliance will not extend past May 9, 2016.
BBSI currently intends to file its 2015 third quarter Form 10-Q, its amended quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2015, and its amended annual report on Form 10-K for the year ended December 31, 2014, as well as unaudited financial results for the fourth quarter and full year ended December 31, 2015, no later than April 29, 2016. BBSI also intends to file its 2015 Form 10-K no later than May 9, 2016.
The information in this release includes forward-looking statements that are subject to risks and uncertainties. Additional considerations and other important risk factors affecting BBSI's business are described in BBSI's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. Although forward-looking statements help to provide complete information about BBSI, readers should keep in mind that forward-looking statements are less reliable than historical information. The forward-looking statements in this report speak only as of the date hereof. BBSI undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.
Michael L. Elich
President and Chief Executive Officer