Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Brixmor Property Group Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Brixmor Property Group Inc. (“Brixmor” or the “Company”) (NYSE:BRX) of the May 31, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Brixmor securities between October 27, 2014 and February 5, 2016 (the “Class Period”). The case, Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds v. Brixmor Property Group Inc., et al., No. 1:16-cv-02400 was filed on March 31, 2016, and has been assigned to Judge Analisa Nadine Torres.
The lawsuit focuses on whether Brixmor and its executives violated federal securities laws by allegedly making false and/or misleading statements and/or failing to disclose that: (1) the Company and its senior executives manipulated income items for nine quarters 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, statements about Brixmor’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, the lawsuit alleges that on February 8, 2016, Brixmor disclosed that the Company and certain high level executives had engaged in a scheme whereby they were “smoothing” the Company’s NOI numbers to achieve consistent quarterly same property NOI growth.
On this news, share price fell $5.32 per share on unusually heavy trading volume to close at $21.10 per share, a ~20.14% drop, on February 8, 2016.
If you invested in Brixmor common stock, bonds or options between October 27, 2014 and February 5, 2016 and would like to discuss your legal rights, please fill out the form below or contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Brixmor’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.