According to the Complaint, American Finance Trust, Inc. ("AFIN" or the "Company") is a publicly registered, non-traded real estate investment trust formerly known as American Realty Capital Trust V, Inc. AFIN invests in single-tenant commercial properties that are net leased to investment grade and creditworthy tenants.

The Complaint alleges that, beginning in December, 2016 and through February 9, 2017, in order to convince AFIN shareholders to vote in favor of the merger between AFIN and another AR Global affiliate, Retail Centers of America, Defendants drafted, filed with the SEC, and issued publicly and directly to AFIN shareholders materially incomplete and misleading proxy materials in violation of Sections 14(a) and 20(a) and (b) of the Exchange Act and SEC Rule 14a-9 (17 C.F.R. 240.14a-9) thereunder.

Plaintiff filed an amended Complaint on February 23, 2018. On April 26, Defendants filed a Motion to Dismiss the amended Complaint. Plaintiff filed a second amended Complaint on May 25. On June 22, Defendants filed a Motion to Dismiss the second amended Complaint. The Court issued an Order granting Defendants' Motion to Dismiss on September 23, 2019. On September 23, Plaintiff filed a Notice appealing the Court's Dismissal Order. The Court of Appeals affirmed the District Court's judgment on June 16, 2020.