On June 15, 2022, during trading hours, TrueBlue issued a press release “announc[ing] … that Patrick Beharelle has resigned as Chief Executive Officer and as a member of the Board of Directors of TrueBlue, effective June 14, 2022.” The Company stated that “Mr. Beharelle’s resignation follows an investigation, led by outside counsel, into allegations regarding his conduct. Based on the investigation’s findings, the Board of Directors determined that he had engaged in behaviors that violated TrueBlue’s policies and Code of Conduct. Mr. Beharelle’s conduct in question was not related to financial controls, financial statements, or business performance.”

On this news, TrueBlue’s stock price fell $1.06 per share, or 5%, to close at $18.55 per share on June 15, 2022.