Brixmor investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Brixmor is a publicly-traded real estate investment trust (REIT) that operates a wholly-owned portfolio of grocery-anchored community and neighborhood shopping centers, with 518 properties located from California to Maine, including retailers such as the TJX Cos Inc. and The Kroger Co.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, and/or failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the 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, the defendants’ statements about Brixmor’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
The Class Period commences on October 27, 2014, when the company released its results for the third quarter ended September 30, 2014.
According to the complaint, on February 8, 2016, Brixmor disclosed that the company and certain high level executives had engaged in a fraudulent scheme whereby they were “smoothing” the company’s NOI, which is the cash flow generated at a specific property, excluding corporate-level expenses. The February 8, 2016 press release also disclosed the resignations of several key high-level executives: Chief Executive Officer Michael Carroll; President and Chief Financial Officer Michael Pappagallo; and Chief Accounting Officer Steven Splain.
Following this news, shares of Brixmor’s stock fell $5.32 to close at $21.10 per share on February 8, 2016, on unusually heavy trading volume.
If you are a member of the class described above, you may no later than May 31, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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