Brixmor Property's top executives exit after accounting review
Reuters
Published Feb 08, 2016 08:33AM ET
Brixmor Property's top executives exit after accounting review
(Reuters) - Shopping center operator Brixmor Property Group Inc said three of its top officers, including its chief executive, had resigned after an internal accounting review showed discrepancies in the company's financial statements.
The company said on Monday that its quarterly statements had been tampered with to show consistent growth in same-property net operating income.
"The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review," Chairman John Schreiber said in a statement.
Brixmor said it would not have to restate its historical financial statements as the impact of the discrepancies was not material to the results. The matter will not hurt the company's compliance with the covenants of its debt agreements, it said.
Brixmor was taken public in 2013 by Blackstone (N:BX) Group LP. The private equity firm currently holds a 36.24 percent stake in the company and is its largest shareholder, according to Reuters data.
Brixmor said it had reported the matter to the U.S. Securities and Exchange Commission.
The New York-based company named Raider Hill Advisors LLC founder Daniel Hurwitz its interim chief executive.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.