NEW YORK, April 5, 2016 /PRNewswire/ -- 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 20.1% drop, on February 8, 2016.
Request more information now by clicking here: www.faruqilaw.com/BRX. There is no cost or obligation to you.
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, visit www.faruqilaw.com/BRX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Brixmor's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-100000-investing-in-brixmor-property-group-inc-to-contact-the-firm-before-lead-plaintiff-deadline-300246479.html
SOURCE Faruqi & Faruqi, LLP