Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is
investigating Brixmor Property Group Inc. (NYSE:BRX) following the
announcement that certain accounting and finance personnel at Brixmor
were smoothing income items. The investigation focuses on whether the
Company and its officers violated securities laws by issuing misleading
information to investors.
If you suspect you have losses in your investments in Brixmor as result
of this news or have knowledge relevant to the investigation, contact
Hagens Berman Partner Reed Kathrein, who is leading the firm’s
investigation, by calling 510-725-3000, emailing BRX@hbsslaw.com
or visiting https://www.hbsslaw.com/cases/BRX.
Brixmor is one of the nation’s largest shopping-center landlords. On
February 8, 2016, pre-market, Brixmor announced the resignations of
several key executives: Chief Executive Officer Michael Carroll,
President and Chief Financial Officer Michael Pappagallo, and Chief
Accounting Officer Steven Splain. The resignations were effective
immediately and follow an unfavorable audit committee review of the
company’s non-GAAP reporting measure. The audit committee review led the
board to conclude that specific accounting and financial reporting
personnel were "smoothing income items, both up and down," to show
consistent quarterly same property net operating income growth.
According to the Company, the review led to changes in same-property net
operating income in quarters dating back to 2013. The changes amounted
to $500,000.00 for 2014 and $300,000.00 for 2015.
On this news, Brixmor stock fell $4.43, or 16.8%, to $21.99 during
intraday trading on February 8, 2016.
Whistleblowers: Persons with non-public information regarding
Brixmor should consider their options to help in the investigation or
take advantage of the SEC Whistleblower program. Under the new SEC
whistleblower program, whistleblowers who provide original information
may receive rewards totaling up to 30 percent of any successful recovery
made by the SEC. For more information, call Reed Kathrein at 510-725-3000
or email BRX@hbsslaw.com.
About
Hagens Berman
Hagens Berman is headquartered in Seattle, Washington with offices in 10
cities. The Firm represents investors, whistleblowers, workers and
consumers in complex litigation. More about the Firm and its successes
can be found at www.hbsslaw.com.
Read the Firm’s Securities
Newsletter, and visit the blog.
For the latest news visit our newsroom or
follow us on Twitter at @classactionlaw.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160209006671/en/
Copyright Business Wire 2016