Case Page

 

Case Status:    ONGOING    
On or around 04/19/2018 (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.

On February 13, 2015, the Court issued an Order consolidating this case, along with other individual cases, under Docket 15-MC-00040, and appointing Lead Plaintiff and Counsel. On April 17, Lead Plaintiff filed an amended Complaint.

On May 29, Defendants filed Motions to Dismiss the amended Complaint. On November 6, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss. Lead Plaintiff filed a second amended Complaint on December 11. On December 15, the Court issued an Order consolidating cases. On December 18, Lead Plaintiff filed a corrected Complaint.

On February 12, 2016, Defendants filed Motions to Dismiss the second amended Complaint. On August 5, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss. Lead Plaintiff filed a third amended Complaint on September 30.

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
COURT: S.D. New York
DOCKET #: 15-MC-00040
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 09/30/2016
CLASS PERIOD START: 09/07/2011
CLASS PERIOD END: 10/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Johnson & Weaver LLP
    99 Madison Avenue, 5th Floor, Johnson & Weaver LLP, NY 10016
    212.802.1486 212.602.1592 ·
  3. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
  4. Lowey Dannenberg Cohen & Hart, P.C. (New York)
    One North Broadway , Lowey Dannenberg Cohen & Hart, P.C. (New York), NY 10601-2310
    914.997.0500 914.997.0500 · mail@lowey.com
  5. Morgan & Morgan
    28 West 44th Street, Morgan & Morgan, NY 10036
    (212) 564-1637 ·
  6. Motley Rice LLC (Hartford)
    One Corporate Center; 20 Church St.; 17th Floor, Motley Rice LLC (Hartford), CT
    860.882.1681 860.882.1681 · inquiry@motleyrice.com
  7. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  8. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  9. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date
No Document Title Filing Date