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.
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.
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Contacts:
Reed Kathrein, 510-725-3000
