A lawsuit was filed on behalf of investors in Brixmor Property Group Inc (NYSE:BRX) shares over alleged securities laws violations and NYSE:BRX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/27/2016 -- A shareholder of Brixmor Property Group Inc (NYSE:BRX) filed a lawsuit over alleged violations of Federal Securities Laws by Brixmor Property Group Inc.
Shares of Brixmor Property Group Inc (NYSE:BRX) dropped from $26.42 per share on February 5, 2016 to as low as $19.91 per share on February 8, 2016.
Investors who purchased shares of Brixmor Property Group Inc (NYSE:BRX) have certain options and for certain investors are short and strict deadlines running. Deadline: May 31, 2016. NYSE:BRX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Brixmor Property Group Inc (NYSE:BRX) common shares between October 27, 2014 and February 5, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 27, 2014 and February 5, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Brixmor Property Group Inc and its senior executives purposefully misrepresented Brixmor's financial results by manipulating income items for nine quarters in order to achieve consistent quarterly same property NOI growth, that Brixmor Property Group Inc lacked adequate internal and financial controls, and that, as a result of the foregoing, Defendants' statements about Brixmor's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On February 8, 2016, Brixmor Property announced that its Chief Executive Officer Michael Carroll, President and Chief Financial Officer Michael Pappagallo, Chief Accounting Officer Steven Splain, and an accounting employee resigned, effective immediately.
Brixmor Property Group Inc said that these management changes follow the completion of an Audit Committee review that began after the Company received information in late December 2015 through its established compliance processes.
Those who purchased shares of Brixmor Property Group Inc (NYSE:BRX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com