An investigation on behalf of current long term investors in Brixmor Property Group Inc (NYSE:BRX) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:BRX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/10/2016 -- Certain directors of New York based REIT Brixmor Property Group Inc are under investigation over potential wrongdoing. The investigation was announced on behalf of current long-term investors in NYSE:BRX shares concerning potential breaches of fiduciary duties by certain directors of Brixmor Property Group.
Investors who are current long term investors in Brixmor Property Group Inc (NYSE:BRX) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for investors in NYSE:BRX stocks follows a lawsuit filed recently against Brixmor Property Group over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:BRX stocks, concerns whether certain Brixmor Property Group directors are liable in connection with the allegations made in that lawsuit. The plaintiff alleges that 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. 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.
Those who purchased shares of Brixmor Property Group Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego