Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Brixmor Property Group
Inc. ("Brixmor" or the "Company") (NYSE: BRX)
securities between October 27, 2014 and February 5, 2016,
inclusive (the “Class Period”). Brixmor investors have until May
31, 2016 to file a lead plaintiff motion.
Investors who suffered losses of $100,000 or more in their Brixmor
investments are encouraged to contact the Law Offices of Howard G. Smith
to discuss their legal rights in this class action at 888-638-4847 or by
email to howardsmith@howardsmithlaw.com.
On February 8, 2016, Brixmor disclosed 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. This news came after an audit
committee uncovered that employees had been “smoothing” income in order
make quarterly net operating income more steady. On this news shares of
Brixmor fell over $5 per share, or nearly 20%, during intraday trading
on February 8, 2016.
The Complaint alleges that, throughout the Class Period, Defendants made
false and/or misleading statements and/or failed to disclose that: (1)
the Company 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; (2) the Company lacked adequate internal and financial controls;
and (3) 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.
If you purchased shares of Brixmor during the Class Period you may move
the Court no later than May 31, 2016 to ask the Court to
appoint you as lead plaintiff if you meet certain legal requirements. To
be a member of the Class you need not take any action at this time; you
may retain counsel of your choice or take no action and remain an absent
member of the Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847,
toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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