SAN FRANCISCO, May 25, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of Brixmor Property Group Inc. (“Brixmor” or the “Company”) (NYSE:BRX) between October 27, 2014 and February 5, 2016.
You have until May 31, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
If you suffered $500,000 or more in losses in Brixmor, contact Hagens Berman Sobol Shapiro LLP 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.
On February 8, 2016, Brixmor revealed that it had smoothed income “both up and down, between reporting periods in an effort to achieve consistent quarterly same property net operating income…growth, an industry non-GAAP financial measure.” The Company also announced that CEO Michael Carroll, President and CFO Michael Pappagallo, and Chief Accounting Officer Steven Splain resigned effective immediately. In response, Brixmor’s stock price dropped over 20% to close at $21.10 per share.
Three weeks later, Brixmor admitted in its 2015 Form 10-K: “[w]e have identified a material weakness in our internal control over financial reporting and our management has concluded that our disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2015.” The Company also disclosed that the SEC has commenced an investigation with respect to these matters.
“Financial transparency for public companies is critical to investors,” said Hagens Berman partner Reed Kathrein. “Income smoothing in violation of GAAP does one thing – it obfuscates the truth about a company’s finances.”
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 a national investor-rights law firm 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.