Barrett Business Services Inc. (NASD: BBSI) confirmed that the filing of its Form 10-Q for the quarter ended Sept. 30, 2015, with the Securities and Exchange Commission will be delayed. The company also received a letter from Nasdaq, dated Nov. 12, stating that Barrett is non-compliant with Listing Rule 5250(c)(1) because the company has not filed Form 10-Q for the period.

Barrett's audit committee has retained independent legal counsel to conduct an independent investigation related to its second quarter 2014 workers’ compensation reserve. The company said it intends to file its Form 10-Q for the 2015 third quarter as soon as practicable after the independent investigation has been completed and its independent auditors have had an opportunity to review and assess the findings of the investigation, and to finalize their review of the company's financial statements to be included in the 10-Q.

Earlier this month, Barrett’s audit committee received a letter from its independent registered public accounting firm stating Barrett’s unaudited interim consolidated financial statements as of June 30, 2014, and for the periods then ended, can no longer be relied upon. Moss Adams LLP also said it will not be in a position to complete its required review of Barrett’s financial statements for the quarter ended Sept. 30, 2015, by the filing due date.

According to a filing with the SEC, Barrett has until Jan. 11, 2016, to regain compliance with the rules by filing its 2015 third-quarter report. If unable to file the report, Barrett can submit a compliance plan to Nasdaq, which, if accepted, will grant an exception until May 9, 2016, for the company to regain compliance; if Nasdaq does not accept the company’s compliance plan, Barrett can appeal that decision.

Shares in Barrett fell 2.58% in early afternoon trading today to $40.76 and the company had a market cap of approximately $293.56 million, according to Yahoo!