American Realty Capital Properties Inc (NASDAQ: ARCP) Investor Securities Class Action Lawsuit 10/30/2014

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Company Name(s): 
American Realty Capital Properties
Case Name: 
American Realty Capital Properties Shareholder Class Action Lawsuit 10/30/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: ARCP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/30/2014
Class Period Begin: 
02/27/2014
Class Period End: 
10/28/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/29/2014
Date Settled: 
10/04/2019
Settlement Amount: 
$1,025,000,000
Deadline to Participate in Settlement: 
01/23/2020
Settlement Notice: 
Settlement Proof: 
Summary: 

October 04, 2019 - The court preliminarily approved the settlement.

September 30, 2019 - Parties filed a stipulation of settlement.

February 13, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 29, 2014 - Lead plaintiff motions were filed.

October 30, 2014 - An investor in shares of American Realty Capital Properties Inc (NASDAQ: ARCP) filed a lawsuit in the U.S. District Court for the Southern District of New York against American Realty Capital Properties Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 27, 2014 and October 28, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of American Realty Capital Properties Inc (NASDAQ: ARCP) common shares between February 27, 2014 and October 28, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that American Realty Capital Properties Inc’s financial statements contained errors related to the improper classification of its adjusted funds from operations, ("AFFO"), resulting in an overstatement of AFFO for the three months ended March 31, 2014 and an overstatement of AFFO and an understatement of the Company's net loss for the three and six months ended June 30, 2014, that American Realty Capital Properties Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, American Realty Capital Properties Inc’s public statements were materially allegedly false and misleading at all relevant times.

American Realty Capital Properties Inc reported that its annual Total Revenue rose from $3.97 million in 2011 to $240.50 million in 2013 while its Net Loss increased from $4.70 million in 2011 to $406.50 million in 2013.

Shares of American Realty Capital Properties Inc reached in 2013 as high as $17.81 per share but declined in mid 2014 to as low as $11.96 per share.

Then on October 29, 2014 American Realty Capital Properties Inc (NASDAQ: ARCP) announced the conclusion of its Audit Committee that the previously issued financial statements and other financial information contained in American Realty Capital Properties Inc's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2014 and June 30, 2014, and American Realty Capital Properties Inc's earnings releases and other financial communications for these periods, should no longer be relied upon.

American Realty Capital Properties Inc also said that it that effective immediately, Michael Sodo has been named Chief Financial Officer of American Realty Capital Properties Inc, replacing Brian Block and that Gavin Brandon will serve as Chief Accounting Officer, replacing Lisa McAlister.

Shares of American Realty Capital Properties Inc (NASDAQ: ARCP) dropped from $12.38 per share on October 28, 2014, to as low as $7.85 per share on October 29, 2014.

On October 30, 2014, American Realty Capital Properties Inc (NASDAQ: ARCP) shares closed at $9.42 per share.