Lieff Cabraser Announces Class Action Litigation Against American Realty Capital Properties, Inc. - ARCP

SAN FRANCISCO--()--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been 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 and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the ARCP Securities Class Litigation

The action charges ARCPs and certain of its current and former senior executives with violations of the Securities Exchange Act of 1934. ARCP is a New York-based real estate investment trust (“REIT”) that acquires, owns and operates single-tenant, free-standing commercial real estate properties primarily subject to net leases with high credit quality tenants.

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 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.

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 Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” 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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Source/Contact for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358

Release Summary

Class action securities litigation has been brought against American Realty Capital Properties, Inc. (NasdaqGS: ARCP) on transactions between May 6, 2013 and October 29, 2014, inclusive.

Contacts

Source/Contact for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358