An investor in American Realty Capital Properties Inc (NASDAQ:ARCP) filed a lawsuit against certain directors of American Realty Capital Properties Inc over alleged breaches of fiduciary duties.
Investors who purchased shares of American Realty Capital Properties Inc (NASDAQ:ARCP) and currently hold any of those NASDAQ:ARCP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that American Realty Capital Properties Inc knowingly overstated its financial performance in order to line certain of its executives’ pockets with millions in fees and commissions.
The plaintiff says that American Realty Capital Properties Inc allegedly inflated its adjusted funds from operations (AFFO) figures between 2012 and 2013 from approximately $220 million to $20.5 billion. However, the plaintiff alleges that while American Realty Capital Properties Inc allegedly told investors that all of its acquisitions and mergers created value for American Realty Capital Properties Inc allegedly, the deals primarily benefitted certain executives and not investors. The plaintiff alleges that the American Realty ‘acquisition machine’ was designed to and did effectively transfer hundreds of millions of dollars from the company to entities owned or controlled by the American Reality Capital’s former CEO and CFO, and other senior executives.
The plaintiff says that over a period of three years, American Realty Capital Properties Inc paid American Realty Capital Properties Inc Advisors ‘and its affiliates’ over $900 million – largely for supposedly acquisition-related ‘commissions,’ ‘fees,’ ‘services,’ and ‘expenses while in October 2014, American Realty Capital Properties Inc was forced to admit it had massively and intentionally misrepresented its adjusted funds from operations (AFFO) figures.
Shares of American Realty Capital Properties Inc (NASDAQ:ARCP), now Vereit Inc (NYSE:VER), declined from $17.81 per share in 2013 to as low as $7.17 per share in early 2016.
On April 28, 2017, Shares of American Realty Capital Properties Inc (NASDAQ:ARCP), now Vereit Inc (NYSE:VER) closed at $8.37 per share.
Those who purchased shares of American Realty Capital Properties Inc (NASDAQ:ARCP), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com