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Brixmor Property Group faces securities fraud class action

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Brixmor Property Group faces securities fraud class action

A securities fraud class-action lawsuit has been filed againstBrixmor Property Group Inc.in the U.S. District Court for the Southern District of New York.

The suit, filed by Saxena White PA on behalf of investors whoacquired common stock in the company between Oct. 27, 2014, and Feb. 5, 2016, allegesthat Brixmor and its senior executives purposefully misrepresented the company'sfinancial results by manipulating income items for nine quarters in order to achieveconsistent quarterly same-property NOI growth, according to an April 1 news release.In addition, it claims that Brixmor lacked adequate internal and financial controls.

As a result of the two allegations, the suit claims that companystatements about its business, operations and prospects were false and misleadingand/or lacked a reasonable basis.