Levi & Korsinsky announces the filing of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Brixmor Property Group Inc. (NYSE: BRX) who purchased shares between October 27, 2014 and February 5, 2016.
The complaint alleges that, throughout the class period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company purposefully misrepresented Brixmor’s financial results by manipulating income items for nine quarters; and (2) Brixmor did not have adequate internal and financial controls.
On February 8, 2016, Brixmor announced that its CEO, President and Chief Financial Officer, and Chief Accounting Officer, as well as an accounting employee, had resigned effective immediately. Brixmor announced these resignations stem from an Audit Committee review that determined that “specific Company accounting and financial reporting personnel, in certain instances, were smoothing income items, both up and down, between reporting periods in an effort to achieve consistent quarterly same property net operating income” growth.
If you suffered a loss in Brixmor 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.
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