The complaint alleges that American Realty Capital Properties, Inc (ARCP) issued materially false financial statements. On October 29, 2014, ARCP shocked the market when it announced that its Form 10-K for the fiscal year ended December 31, 2013 and its quarterly reports for the periods ended March 31, 2014 and June 30, 2014 should no longer be relied upon by investors and needed to be restated due to intentional errors on the financial statements resulting in overstatement of the adjusted funds from operations and an understatement of ARCP’s net loss. On October 30, 2014, media outlets reported that ARCP acknowledged that the accounting errors were intentionally concealed and that the Securities and Exchange Commission had begun an inquiry into ARCP’s accounting.
On behalf of all persons who purchased or otherwise acquired American Realty Capital Properties, Inc. (“ARCP”) common stock, preferred stock and debt securities during the Class Period.
If investors want to be excluded from the Class, you may submit a request for exclusion. Your request for exclusion must be in writing and must be postmarked no later than October 28, 2019. ISS Securities Class Action Services clients can obtain specific details through their RecoverMax subscription.
Contributions to the settlement amount will be paid as follows: