-
You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of January 23, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
October 4, 2019 - The court preliminarily approved the settlement.
September 30, 2019 - A stipulation of settlement was filed by the parties.
September 30, 2016 - A third amended complaint was filed.
August 5, 2016 - The court granted in part and denied in part the defendants' motion to dismiss.
February 12, 2016 - A motion to dismiss the second amended complaint was filed.
December 11, 2015 - A second amended complaint was filed.
November 6, 2015 - The court granted in part and denied in part the defendants' motion to dismiss.
May 29, 2015 - A motion to dismiss the amended complaint was filed.
April 17, 2015 - An amended complaint was 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.