SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed in federal court in New York on behalf of investors who purchased or otherwise acquired the securities of Brixmor Property Group Inc. (“Brixmor” or the “Company”) (NYSE: BRX) between October 27, 2014 and February 5, 2016, inclusive (the “Class Period”).
If you purchased or otherwise acquired Brixmor securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 31, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Background on the Brixmor Securities Class Litigation
Brixmor is a publicly-traded real estate investment trust (“REIT”) that operates a wholly-owned portfolio of grocery-anchored community and neighborhood shopping centers. REITs are often valued using alternative performance metrics, including Net Operating Income (“NOI”), a metric designed for commercial real estate investors which helps demonstrate how much real cash flow is available to pay the mortgage and other costs on a cash-flowing property.
According to the action, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company and its senior executives purposefully smoothed income items for nine quarters in order to achieve consistent quarterly same property NOI growth; (2) the Company lacked adequate internal and financial controls; and (3) 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 disclosed that the Company and certain senior executives had engaged in a fraudulent scheme whereby it was “smoothing” its NOI numbers. The same day, the Company announced the resignations, effective immediately, of its Chief Executive Officer Michael Carroll, President and Chief Financial Officer Michael Pappagallo, and Chief Accounting Officer Steven Splain. On this news, Brixmor’s stock price fell $5.32 per share, or 20.13%, from its closing price of $26.42 on February 5, 2016, to close at $21.10 per share on February 8, 2016, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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