The Shareholders Foundation announced that an investigation on behalf of current long-term investors in shares of American Realty Capital Properties Inc (NASDAQ:ARCP) is ongoing concerning potential breaches of fiduciary duties by certain directors and officers of American Realty Capital Properties Inc.
Investors who are current long term investors in American Realty Capital Properties Inc (NASDAQ:ARCP) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:ARCP stocks follows a lawsuit filed recently against American Realty Capital Properties Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:ARCP stocks, concerns whether certain American Realty Capital Properties officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that 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, American Realty Capital Properties Inc’s public statements were materially allegedly false and misleading at all relevant times.
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, respectively $7.50 per share on December 18, 2014.
On February 3, 2015, NASDAQ:ARCP shares closed at $9.53 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