Brixmor Property Group Inc (NYSE: BRX) Investor Securities Class Action Lawsuit 03/31/2016

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Company Name(s): 
Brixmor Property Group
Case Name: 
Brixmor Property Group Shareholder Class Action Lawsuit 03/31/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BRX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/31/2016
Class Period Begin: 
02/20/2014
Class Period End: 
02/05/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
05/31/2016
Date Settled: 
07/31/2017
Settlement Amount: 
$28,000,000
Deadline to Participate in Settlement: 
12/12/2017
Summary: 

July 31, 2017 - The court preliminarily approved the settlement.

July 28, 2017 - Parties filed a stipulation of settlement.

February 16, 2017 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Brixmor Property Group Inc common shares between February 20, 2014 and February 5, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 20, 2014 and February 5, 2016.

November 29, 2016 - Lead plaintiffs and lead counsel were appointed.

March 31, 2016 - An investor in shares of Brixmor Property Group Inc (NYSE: BRX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Brixmor Property Group Inc in connection with certain allegedly false and misleading statements made between October 27, 2014 and February 5, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Brixmor Property Group Inc (NYSE: BRX) common shares between October 27, 2014 and February 5, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 27, 2014 and February 5, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Brixmor Property Group Inc and its senior executives purposefully misrepresented Brixmor Property Group Inc's financial results by manipulating income items for nine quarters in order to achieve consistent quarterly same property NOI growth, that Brixmor Property Group Inc lacked adequate internal and financial controls, and that, as a result of the foregoing, defendants' statements about Brixmor Property Group Inc's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On February 8, 2016, Brixmor Property Group Inc announced that its Chief Executive Officer Michael Carroll, President and Chief Financial Officer Michael Pappagallo, Chief Accounting Officer Steven Splain, and an accounting employee resigned, effective immediately.

Brixmor Property Group Inc said that these management changes follow the completion of an Audit Committee review that began after the Company received information in late December 2015 through its established compliance processes.

Shares of Brixmor Property Group Inc (NYSE: BRX) dropped from $26.42 per share on February 5, 2016 to as low as $19.91 per share on February 8, 2016.