SAN DIEGO, Nov. 3, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of American Realty Capital Properties Inc (ARCP) over alleged Federal Securities Laws Violations by American Realty Capital Properties Inc.
If you purchased shares of American Realty Capital Properties Inc (ARCP), you have certain options and for certain investors are short and strict deadlines running. Deadline: December 29, 2014. ARCP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants made certain allegedly false and/or misleading statements and/or allegedly failed to disclose that certain American Realty Capital Properties Inc's financial statements contained errors related to the improper classification of its adjusted funds from operations, ("AFFO"), resulting in an overstatement of AFFO for the three months ended March 31, 2014 and an overstatement of AFFO and an understatement of the Company's net loss for the three and six months ended June 30, 2014, that American Realty Capital Properties Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, certain American Realty Capital Properties Inc's public statements were materially allegedly false and misleading.
On October 29, 2014, American Realty Capital Properties Inc (Nasdaq:ARCP) announced the conclusion of its Audit Committee that the previously issued financial statements and other financial information contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2014 and June 30, 2014, and the Company's earnings releases and other financial communications for these periods, should no longer be relied upon. American Realty Capital Properties Inc also said that it that effective immediately, Michael Sodo has been named Chief Financial Officer of the Company, replacing Brian Block and that Gavin Brandon will serve as Chief Accounting Officer, replacing Lisa McAlister.
Shares of American Realty Capital Properties Inc (Nasdaq:ARCP) dropped from $12.38 per share on October 28, 2014, to as low as $7.85 per share on October 29, 2014.
Those who purchased shares of American Realty Capital Properties Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.