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Barrett to miss filing deadline

May 06, 2016

Barrett Business Services Inc. (NASD: BBSI) expects the filing of its Form 10-K for the year ended Dec. 31, 2015, to be delayed past the Nasdaq-imposed deadline of May 9, 2016.

The company in March confirmed the delayed 10-K filing, but at that point intended to file no later than May 9.

As a result of the delayed filing, Barrett expects to be notified of Nasdaq’s determination to delist the company’s common stock for failure to meet a continued listing standard. Barrett said it will submit a request for a hearing by Nasdaq, which will stay the suspension and delisting action until the Nasdaq hearings panel issues a written decision.

“Moss Adams, our independent registered public accounting firm, is currently finishing their audit of our 2015, 2014 and 2013 financial statements,” said interim CFO Tom Carley. “We will file our 2015 10-K with the [Securities and Exchange Commission] once it is completed.”

Additionally, Barrett does not anticipate meeting the May 10 deadline to file the company’s Form 10-Q for the period ended March 31, 2016, and will file the required notice with the SEC.

Barrett terminated CFO James Miller on March 3 after he informed the company’s audit and compliance committee that he made unsupported journal entries in the company’s financial records during each calendar quarter of 2013.