Case Page

 

Case Status:    ONGOING    
On or around 08/12/2015 (Ongoing date of last review)

Filing Date: October 30, 2014

According to the law firm press release, the Complaint charges that Defendants made materially false and misleading statements, including 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ARCP
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-08659
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 10/30/2014
CLASS PERIOD START: 02/27/2014
CLASS PERIOD END: 10/28/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
No Document Title Filing Date