The Shareholders Foundation announces that an investigation on behalf of investors of American Realty Capital Properties Inc (NASDAQ:ARCP) shares, who purchased their NASDAQ”ARCP shares on or shortly after May 21, 2014 was initiated concerning possible violations of Federal Securities Laws in connection with the stock offering on May 21, 2014.
Investors who purchased shares of American Realty Capital Properties Inc (NASDAQ:ARCP) on or shortly after May 21, 2014, 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 focuses on possible claims on behalf of purchasers of the securities of American Realty Capital Properties Inc (NASDAQ:ARCP) concerning certain statements in connection with the stock offering on May 21, 2014 were materially false and misleading at the time they were made
On May 28, 2014, American Realty Capital Properties Inc (NASDAQ:ARCP) announced the closing of its public offering of 138,000,000 shares of its common stock at a price of $12.00 per share (before underwriting discounts and commissions).
Recently a lawsuit was filed against American Realty Capital Properties Inc over alleged securities laws violations in connection with certain statements made between February 27, 2014 and October 28, 2014. The plaintiff in that lawsuit claims 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 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 $7.38 per share on November 3, 2014.
On January 5, 2015, NASDAQ:ARCP shares closed at $9.12 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