Ryan & Maniskas, LLP Announces Investigation of Brixmor Property Group Inc.
WAYNE, Pa., Feb. 10, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Brixmor Property Group Inc. ("Brixmor" or the "Company") (NYSE: BRX).
Brixmor shareholders who purchased shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/brx.
The investigation concerns whether Brixmor and certain of its officers have breached their fiduciary duties to the Company.
On February 8, 2016, pre-market, Brixmor announced the resignations of several key executives: Chief Executive Officer Michael Carroll, President and Chief Financial Officer Michael Pappagallo, and Chief Accounting Officer Steven Splain. The resignations were effective immediately and follow an unfavorable audit committee review of the company's non-GAAP reporting measure. The audit committee review led the board to conclude that specific accounting and financial reporting personnel were "smoothing income items, both up and down," to show consistent quarterly same property net operating income growth. According to the Company, the review led to changes in same-property net operating income in quarters dating back to 2013. The changes amounted to $500,000.00 for 2014 and $300,000.00 for 2015.
On this news, Brixmor stock fell $5.32 per share, or over 20%, to close at $21.10 per share on February 8, 2016.
If you own Brixmor shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/brx. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP