Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Brixmor Property Group Inc (NYSE: BRX) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Brixmor Property Group Inc (NYSE: BRX) concerning whether a series of statements by Brixmor Property Group Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On February 8, 2016, Brixmor stated the resignations of Chief Executive Officer Michael Carroll, President and Chief Financial Officer Michael Pappagallo, and Chief Accounting Officer Steven Splain, effective immediately. This news came after an audit committee review of Brixmor's non-GAAP reporting measure, which directed the board to conclude that certain employees had been "smoothing income items, both up and down," to show steady quarterly same property net operating income growth. Chairman, John Schreiber stated: "The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review".
Following this news, Brixmor shares declined nearly 20%, during intraday trading on February 8, 2016.
Based in New York, New York, and founded in 2008 Brixmor Property Group Inc operates various grocery anchored community and neighborhood shopping centers in the United States.
If you purchased shares of Brixmor Property Group Inc (NYSE: BRX) on or before February 8, 2016, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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