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Brixmor settles case with SEC over fishy same-property NOI numbers

Aug. 01, 2019 4:05 PM ETBrixmor Property Group Inc. (BRX) StockBRXBy: Liz Kiesche, SA News Editor7 Comments
  • Brixmor Property Group (BRX -0.5%) agrees to pay $7M to settle charges of fraud that the REIT and for former senior executive tried to manipulate a key non-GAAP metric that analysts and investors use to evaluate the company's stock.
  • Relates to same-property NOI that the company reported from Q3 2013 to Q3 2015.
  • Alleges former CEO Michael Carroll, former CFO Michael Pappagallo, former CAO Stephen Splain, and Michael Mortimer, who had been senior VP of accounting, with improperly adjusting the measure.
  • Brixmor agreed to the settlement without admitting or denying the allegations.
  • The U.S. Attorney's Office for the Southern District of New York also announced criminal charges against Carroll, Pappagallo, Splain, and Mortimer; Splain and Mortimer have pleaded guilty to those charges.

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