SAN DIEGO, April 06, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of Brixmor Property Group Inc (NYSE:BRX) over alleged Securities Laws Violations by Brixmor Property Group.
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 +1(858) 779 - 1554.
The plaintiff claims 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 Brixmor Property Group Inc (NYSE:BRX) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.