Did anyone else see $BBSI report from http://monstastocks.com/?s=BBSI ? It had some interesting information. Kleptomaniac: a rich thief. Investing day trading.
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I know nothing about illegal activities of management. I just have one question. What are the REAL ultimate loss reserves for workers compensation? I suspect the inadequacy dwarfs their equity
Dear Department of Justice,
Don't forget to look into the other illegal activities performed by BBSI Senior Management on a daily basis. A good place to start would be their ERISA violations. Those are not very hard to find or figure out at all. Just check their accounting which will show zero employer contributions for any branch that is profitable and should earn a bonus. You see BBSI takes any employer 401K contributions directly out of their employees' profit sharing checks. BBSI does not contribute to the retirement accounts of it's Branch level employees as promised and obligated by law. Once the information is in front of you a first year accounting student could figure it out. The HIPPA violations are a bit more complicated but I'm sure that you can figure those out as well. Dig deep enough into those two issues and you shouldn't have any problem uncovering the rest of their games. Happy hunting.
This board was so active a few years back, but now I see a dividend increase after the close yesterday, with nobody commenting. Did they all congregate on another perch, or is interest in this company still at the bottom?
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How many investigations and lawsuits do they have going? This one was just filed on November 2nd. And its another securities case.
Olagues et al v. Elich et al Plaintiff: John A Olagues and Ray Wollney Defendant: Michael L. Elich, James D. Miller, Gregory Vaughn and Barrett Business Services Inc Case Number: 3:2016cv05924 Filed: November 2, 2016 Court: Washington Western District Court Office: Tacoma Office County: XX US, Outside District Presiding Judge: Robert J. Bryan Nature of Suit: Securities/Commodities/Exchanges Cause of Action: 15:78 Jury Demanded By: Plaintiff
BBSI’s first quarter report was months late, as was its 2015 annual report. The company was forced to restate its earlier financial reports. The restatements are linked to the reserving errors and the accounting irregularities that are the focus of the SEC investigations and potentially the DOJ investigations.
The repeated inability to file timely financial reports nearly cost the company it’s listing on the Nasdaq exchange. BBSI was called before a Nasdaq hearing panel but, for now, successfully pleaded its case to remain listed on the exchange. The panel has notified BBSI it has regained compliance.
The revelation of the DOJ investigation was made public in the delayed first quarter 2016 report which showed a 15% uptick in revenue when compared to the first quarter of 2015. Net losses, however, were up much more at $8 million for the quarter. The result compares to a $5.8 million loss in the year-ago period – a 38% increase.
The United States Department of Justice is conducting a criminal investigation of Barrett Business Services, Inc., (Nasdaq: BBSI). Exactly what federal prosecutors are looking for has not been announced, but there are multiple avenues that it could be pursuing. Among them the stated reasons for its traditional declines in first quarter profits. Moss Adams, BBSI’s independent CPA and auditor, warned late last year that an illegal act has or may have occurred involving the reporting of the company’s workers’ comp reserves. The Securities and Exchange Commission also has open not one but two ongoing investigations into BBSI’s financial reporting practices. The SEC investigations are related to the company’s accounting practices, its workers’ comp reserving, and to irregularities surrounding the actions - in the form of unsupported journal entries - of its former chief financial officer James Miller. It is not known at this time if the unsupported journal entries were at the direction of, or with the knowledge of, any other senior officer. CEO Mike Elich signs the SEC documents. The initial SEC subpoena followed the company’s revelation that it under reserved its workers’ comp liabilities by 62% and had to borrow money to cover the shortfall. The second subpoena arrived after Barrett terminated its former CFO for making unsupported journal entries. An independent forensic audit then found far more accounting irregularities than were initially disclosed. BBSI was forced last year to hire an independent team of legal investigators to look into its handling of the reserve charge after its independent auditor, Moss Adams questioned what had been reported to the SEC and when. Barrett had to restate its earlier financial statements to recognize the reserve charge in a prior period. The restatement came even though law firm, BBSI hired, Stoll Berne ultimately said it found no illegal activity. Barrett management is forced under law to acknowledged the existence of the DOJ investigation. In did so in the same way it disclosed that the SEC was investigating its accounting practices – revealing the information deep into a filing with the SEC. The company did not elaborate on the nature of the on-going investigations and merely says the DOJ notified it in mid-June that it is under investigation. The company’s tardy first quarter report states that “BBSI received a subpoena from the San Francisco office of the Division of Enforcement of the Securities and Exchange Commission (the “SEC”) in May 2015 in connection with the SEC’s investigation of the Company’s accounting practices [concerning] its workers’ compensation reserves. In April 2016, the SEC issued a second subpoena to BBSI for documents relating to the disclosures made by the Company following Mr. Miller’s termination. The Company was also advised by the United States Department of Justice in mid-June 2016 that it has commenced an investigation.” BBSI officials say they are cooperating with all three investigations.
I highly respect Moss Adams for their integrity, but they were not experienced in the insurance side of the business. When they figured it out, they spoke up and over time, after continuing express unease with the reserves, they are quietly pushed out. I am sure they intend to snow Deloitte and buy a couple more years. Hopefully, Deloitte sees reality and not the "reality" given to them by management. But what do I know. They can easily manage claims 50-75% better than the insurance industry which gives them just unbelievable workers comp results. It is really good that ACE is in the primary position in case of default. At least for those insured through BBSI.
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[2016-MAY] Barrett Business Services NASDAQ : BBSI Correlation Histogram
X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks May-2016 1,000 Day Parameter 2,830 NASDAQ Stocks Price Analysis This stock mode of correlation coefficient is 0 In other words, the correlation coefficient of the other stocks
Financials are on the table. I always thought this was a $50 stock. The uncertainty is all but gone. I have a very good feeling about full year 2016 guidance coming in the next few weeks. Many gaps to fill on the way up.
10-Q for Q116 delayed. NASDAQ suspension de-listing risk remains...
Big Mikey is going around the world in 2-3 weeks........... Rumor on the street - Mike and Krew are heading around the company footprint on a fabulous fun filled golf outing, drunken bun slapping and HeeHaw having good time shortly. I sure wish I had the cold hearted ability to pound my chest and tell everyone what a great job I do for this company - all the while its surfaces it has not made a profit in five years and I still compensated myself VERY handsomely and continue up till they pull me out of here.. I guess at this point he figures if you were stupid enough to take a 85Million dollar haircut and basically own something that doesn't make money, well then your just stupid enough to shake his hand as he burns your own money right in front of your face. Fools - Rush In!