NYSE
BRX

Brixmor Property Group Inc.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Brixmor Property Group Inc. (NYSE: BRX)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Brixmor Property Group Inc. (“Brixmor” or the “Company”) (NYSE: BRX) between October 27, 2014 and February 5, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Brixmor during the Class Period, or purchased shares prior to the Class Period and still hold Brixmor, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

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 numbers.  In a Form 8-K filed with the SEC on this same date, Brixmor admitted that “specific Company personnel, in certain instances, were directly involved and/or supervised persons directly involved in smoothing income items between reporting periods in a manner contrary to GAAP in an effort to achieve consistent quarterly same property net operating income growth, an industry non-GAAP financial measure.”  Further, the press release 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.

On this news, shares of Brixmor dropped over 20%, closing at $21.10 per share on February 8, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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