NEW YORK, Oct. 30, 2014 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against American Realty Capital Properties Inc. (NASDAQ: ARCP), and two of its former officers, in the U.S. District Court for the Southern District of New York (14 CV 8668), on behalf of all persons who purchased ARCP securities: (1) on the open market during the period May 8, 2014 through October 28, 2014 or (2) pursuant or traceable to the Registration Statement in connection with the Company's public offering of common stock conducted on or around May 21, 2014.  This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act.

If you are a member of the Class, you may file a motion no later than December 29, 2014 to be appointed a lead plaintiff.  A lead plaintiff is a representative party acting on behalf of class members in directing the litigation. 

The Complaint charges that Defendants made materially false and misleading statements, including that they overstated non-controlling interests in calculating adjusted funds from operations, a key metric that measures the Company's earnings and cash flow.

On July 29, 2014, the Company disclosed that it had replaced its CFO and CAO after the Company's Audit Committee had identified financial statement errors in the release of first and second quarter 2014 financials.  The Company's Audit Committee concluded that the Company incorrectly included certain amounts related to its non-controlling interests in its calculation of AFFO.  Moreover, the Company revealed "that this error was identified but intentionally not corrected, and other AFFO and financial statement error was intentionally made."  The Audit Committee also stated that it was investigating American Realty's fiscal 2013 Form 10-K for potential errors. 

On this news, American Realty common stock traded as low as $7.85 per share on October 29, 2014, a decline in excess of $4.50 per share from the prior day's close.

Investors who purchased ARCP securities since 2013 and suffered losses are urged to contact us to discuss their rights. 

Wolf Popper has successfully recovered billions of dollars for defrauded investors.  The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.

For more information, please contact:

Robert C. Finkel, Esq.
Tel.: 877.370.7703
Fax: 877.370.7704
Email: irrep@wolfpopper.com
website: www.wolfpopper.com

SOURCE Wolf Popper LLP