WILMINGTON, Del., Nov. 24, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating RCS Capital Corporation ("RCS Capital" or the "Company") for possible violations of securities laws.
On November 17, 2014, RCS Capital announced that it had been contacted by authorities from the Financial Industry Regulatory Authority ("FINRA") and the U.S. Securities and Exchange Commission ("SEC") relating to American Realty Capital Properties Inc.'s ("ARCP") October 29, 2014 announcement that it had discovered an "accounting error."
ARCP is a company run by RCS Capital's largest shareholder and Chairman of the Board Nicholas Schorsch. As reported by the Wall Street Journal, ARCP announced a $23 million accounting error on October 29, 2014 that was "intentionally not corrected." The error involved a subsequent cover-up and led to the resignation of two senior executives. Since this news, RCS Capital shares have declined 28.8%.
On November 3, 2014, RCS Capital announced that its agreement with ARCP to acquire Cole Capital Partners LLC and Cole Capital Advisors Inc. (collectively "Cole Capital") was officially terminated. The same day, RCS Capital also announced the termination of certain advisory agreements between RCS Capital and five non-traded REITs, advised and financed by Cole Capital. After this news was disclosed, RCS Capital's share price fell 16.57%.
Given this information, Andrews & Springer LLC is preparing a class action lawsuit as a result. If you own shares of RCS Capital and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/RCAP or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.