Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the December 29, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or otherwise acquired the securities of American Realty Capital Properties, Inc. (“ARCP” or the “Company”) (NasdaqGS:ARCP) between May 6, 2013 and October 29, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired ARCP securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 29, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
ARCP investors who wish to learn more about the action should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The actions charge ARCP and certain of its current and former senior executives with violations of the Securities Exchange Act of 1934.
On October 29, 2014, ARCP disclosed that its Audit Committee had determined that an error in accounting for the Company’s adjusted funds from operations (“AFFO”) had previously been identified within the Company, but was “intentionally not corrected,” and other AFFO and financial statement errors were “intentionally made,” resulting in an overstatement of AFFO and an understatement of ARCP’s net loss for the three and six months ended June 30, 2014.
The Company also announced that the previously issued financial statements and other financial information contained in the Company’s Form 10-K for the fiscal year ended December 31, 2013, Form 10-Qs for the fiscal periods ended March 31, 2014 and June 30, 2014, and the Company’s earnings releases and other financial communications for those periods, should no longer be relied upon.
The Securities and Exchange Commission reportedly intends to launch an inquiry into ARCP’s accounting irregularities. Following the news on October 29, 2014, the price of ARCP stock fell $2.38 per share, or approximately 19%, from its closing price of $12.38 on the previous trading day, to close at $10.00 on October 29, 2014.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
For eleven years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
Contacts:
Sharon M. Lee,
415-956-1000
