Morgan & Morgan Announces That a Class Action Lawsuit Has Been Filed Against American Realty Capital Properties, Inc. -- ARCP


NEW YORK, Oct. 31, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class-action lawsuit has been filed against American Realty Capital Properties, Inc. ("ARC" or the "Company") (Nasdaq:ARCP) in the Southern District of New York and is brought on behalf of investors who purchased or otherwise acquired ARC securities between May 6, 2013, through October 29, 2014.

If you want more information about the American Realty Capital Properties, Inc. Class Action, please contact Morgan & Morgan at 1-800-732-5200 or email info@morgansecuritieslaw.com

If you purchased ARC securities during the Class Period, you may, no later than December 29, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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.

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