BOSTON, Oct. 31, 2014 /PRNewswire/ -- Block &
Leviton LLP has filed a class-action lawsuit against American
Realty Capital Properties, Inc. ("ARC" or the "Company")
(NASDAQ: ARCP) on behalf of investors who purchased or
otherwise acquired ARC securities between May 6, 2013, and October
29, 2014. The action alleges that ARC misled
investors by, among other things, overstating calculations of
adjusted funds from operations ("AFFO") in filings with the
SEC.
In addition to purchasers of ordinary shares of ARC, the
litigation specifically affects those who purchased or otherwise
acquired securities pursuant or traceable to the Registration
Statement in connection with the Company's public offering of
common stock conducted on May 21,
2014. Holders of shares of preferred stock are also affected
by the pending litigation and are encouraged to contact counsel
about their rights.
On October 29, 2014, ARC announced
that certain of its previously issued financial statements and
other financial information contained Forms 10-K and 10-Q for the
fiscal periods ended March 31, 2014,
and June 30, 2014, should no longer
be relied upon. In addition, ARC simultaneously announced
that its CFO Brian Block and Chief
Accounting Officer Lisa McAlister
resigned their positions and that the two were foregoing millions
in expected future salary, options and incentive
payments.
The resignations and uncertainty of the Company's financial
statements stemmed from an investigation of the Audit Committee of
ARC's Board of Directors. ARC stated that the errors were
previously identified but intentionally not
corrected, resulting in an overstatement of AFFO. The
Wall Street Journal reported that the SEC is investigating
ARC's accounting irregularities.
If you have are a holder of preferred stock in ARC, purchased
shares of the Company in its May 2014
public offering, or have otherwise purchased or acquired ARC
securities and have questions about your legal rights, would like a
copy of the complaint or have information relevant to this lawsuit,
please contact attorney Steven Harte
of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or
at Steven@blockesq.com. Confidentiality to whistleblowers or
others with information relevant to the lawsuit is assured.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven Harte
(617) 398-5600
Steven@blockesq.com
SOURCE Block & Leviton LLP