Shares of shopping center operator Brixmor Property (BRX) - Get Brixmor Property Group, Inc. Report have hit the skids Monday, falling more than 17% after it said three of its top officers resigned following an accounting review.
"This is today's disaster," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading."
"They fired the CEO. They fired the CFO. They fired the chief accounting officer," Cramer said. "That's a sub-optimal situation."
RBC downgraded the company's stock to underperform from outperform.
"This is actually a very mundane group of retail properties," Cramer said. "It's considered pretty good."
In RBC's analyst report, Cramer noted that the firm said that Brixmor Property needs time to heal.
"To everything, turn, turn, turn," Cramer said. "It's an Ecclesiastes situation developing here."
At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.