The law firm of Federman & Sherwood has launched an investigation into American Realty Capital Properties, Inc. (NASDAQ: ARCP) (the “Company” or “ARCP”) for possible violations of federal securities laws.
On October 29, 2014, ARCP shares plummeted in pre-market trading after the Company announced that previously issued financial statements and other financial information contained in the Company’s SEC 10-K filing for fiscal year ended December 31, 2013 and its 10-Q filing for fiscal periods ended March 31, 2014 and June 30, 2014, should no longer be relied upon. In addition, ARCP announced that both the CFO and COO had resigned.
The resignations and earnings filings spurned an investigation by the Company’s Audit Committee. According to ARCP’s press release, the "Audit Committee believes that this error was identified, but intentionally not corrected, and…were intentionally made…" Upon this news, shares of ARCP dropped approximately 18% before the markets opened for normal trading. The purported accounting violations resulted in a loss of approximately $2 billion in market value to investors.
If you invested in ARCP stock, bonds or options prior to October 29, 2014, and have information to assist in our investigation, or, have any questions or concerns regarding this notice or preservation of your rights, please contact our office. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases.
Contacts:
Robin Hester, 405-235-1560
rkh@federmanlaw.com
