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 Investors of May 31, 2016 Lead Plaintiff Deadline in Shareholder Class Action - EconoTimes)
SAN FRANCISCO, April 06, 2016 -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Brixmor Property Group Inc. (NYSE:BRX) investors of the May 31, 2016 lead plaintiff deadline in the securities class action lawsuit related to Defendants’ improper income smoothing, in violation of generally accepted accounting principles, to achieve the appearance of consistent quarterly growth.
If you suffered significant losses because of your purchases of Brixmor securities between October 27, 2014 and February 5, 2016, or have information that will help our continuing investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/BRX. The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until May 31, 2016 to move the court to participate as a lead plaintiff.
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company intentionally misrepresented its financial results by manipulating income items for nine quarters; and (2) Brixmor lacked adequate internal and financial controls.
On February 8, 2016, Brixmor announced it and high level executives were “smoothing” the Company’s net operating income, in violation of generally accepted accounting principles. The Company also announced the immediately effective resignations of its CEO Michael Carroll, President and CFO Michael Pappagallo, and Chief Accounting Officer Steven Splain. On this news, Brixmor’s stock price dropped $5.32 per share to close at $21.10 or over 20% lower than its previous close on Friday, February 5, 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 [email protected].
About Hagens Berman
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.
Contact: Reed Kathrein, 510-725-3000
