Brixmor Property Group Inc.
Robbins Arroyo LLP Is Investigating the Officers and Directors of Brixmor Property Group, Inc. (BRX) on Behalf of Shareholders
Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Brixmor Property Group, Inc. (NYSE: BRX) violated federal securities laws by issuing materially misleading business information to the investing public. Brixmor owns and operates various grocery-anchored community and neighborhood shopping centers in the United States.
Brixmor Officials Resign After Negative Audit Committee Review
On February 8, 2016, Brixmor announced that its Chief Executive Officer, Michael Carroll, President and Chief Financial Officer Michael Pappagallo, Chief Accounting Officer Steven Splain, and an accounting employee resigned, effective immediately. These resignations followed a negative audit committee review of Brixmor’s non-GAAP reporting measure. The review discovered that employees were “smoothing” income to make quarterly net operating income more consistent. On this news, Brixmor stock fell $5.32 per share, or over 20%, to close at $21.10 per share on February 8, 2016.
Brixmor Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.