WAYNE, Pa., Oct. 31, 2014 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Southern District of
New York on behalf of investors
who purchased or otherwise acquired the securities of American
Realty Capital Properties, Inc. ("American Realty" or the
"Company") (NASDAQ: ARCP) during the period from May 6, 2013 through October 29, 2014 (the "Class Period").
American Realty shareholders may, no later than December 29, 2014, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
American Realty and would like to learn more about these claims or
if you wish to discuss these matters and have any questions
concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/arcp. You may also email Mr.
Maniskas at rmaniskas@rmclasslaw.com.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (1) American Realty'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; (2) American Realty lacked adequate internal controls
over financial reporting; and (3) as a result of the foregoing,
American Realty's public statements were materially false and
misleading at all relevant times.
On October 29, 2014, the Company
issued a press release and filed a Form 8-K with the SEC,
announcing that certain of its previously issued financial
statements contained errors and should no longer be relied upon. In
addition, the Company announced the resignation of its CFO and
Chief Accounting Officer who had key roles in preparing the
Company's financial statements.
Following this news, shares of American Realty fell as much as
$4.53, or over 36%, in intraday
trading, on extremely heavy volume, to as low as $7.85 on October 29,
2014.
If you are a member of the class, you may, no later than
December 29, 2014, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT:
Ryan & Maniskas, LLP
Richard
A. Maniskas, Esquire
995 Old Eagle School Rd.,
Suite 311
Wayne, PA
19087
877-316-3218
rmaniskas@rmclasslaw.com
www.rmclasslaw.com/cases/arcp
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SOURCE Ryan & Maniskas, LLP