NEW YORK, Oct. 30, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired common stock of American Realty Capital Properties Inc. ("American Realty" or the "Company") (Nasdaq:ARCP) between May 6, 2013 through October 29, 2014, inclusive (the "Class Period"), against the Company and certain of the Company's officers ("Defendants"), alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.
The litigation is styled Rubinstein v. American Realty Capital Properties Inc., et.al.; 14-cv-8669 (SDNY). A copy of the Complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
On October 29, 2014, the accounting fraud came to light, as American Realty disclosed that its Audit Committee had determined that an error in accounting for 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 the Company'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 annual report on Form 10-K for the fiscal year ended December 31, 2013, 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.
As a result of this disclosure, the shares of American Capital closed at $10.00 per share, a decline of $2.38 per share, resulting in a market capitalization loss of over $2.2 billion.
If you purchased American Realty common stock during the Class Period, you may move to be appointed as lead plaintiff by December 29, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to "American Realty litigation."