company said on Monday that its quarterly statements had been
tampered with to show consistent growth in same-property net
"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
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 Group LP. The
private equity firm currently holds a 36.24 percent stake in the
company and is its largest shareholder, according to Reuters
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.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio
D'Souza and Kirti Pandey)
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