SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought 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 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.
The action alleges that, during 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 Net Operating Income (“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 is a nationally recognized law firm committed to advancing investor rights and promoting corporate responsibility.
For thirteen years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” 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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