NEW YORK, Nov. 21, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in American Realty Capital Properties, Inc. ("ARCP" or the "Company") (Nasdaq:ARCP) of the December 29, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against ARCP and certain officers.
A complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased ACRP common stock from May 6, 2013 through October 29, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, ARCP issued false and misleading statements that (i) incorrectly included certain amounts related to its non-controlling interests in the calculation of adjusted funds from operations ("AFFO"), leading to an overstatement of AFFO; and (ii) inappropriately accounted for certain accruals and expenses which artificially inflated ARCP's earnings per share.
On October 29, 2014, ARCP announced that the Company's earnings releases and other financial communications for the fiscal year ended December 31, 2013 and the fiscal periods ended March 31, 2014 and June 30, 2014 should no longer be relied upon due to "accounting issues," specifically disclosing reductions in AFFO due to an error "identified but intentionally not corrected[.]"
Following this news, the price of the Company's stock declined by $2.38 per share, or nearly 19%, to close on October 29, 2014 at $10.00 per share.
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Take Action
If you invested in ARCP stock, bonds or options between May 6, 2013 to October 29, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/ARCP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding ARCP's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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