American Realty Capital Properties Inc. Securities Litigation

September 10, 2019. Parties in the American Realty Capital Properties securities litigation (Southern District of New York) reached an agreement to settle the case for $1.02 billion. American Realty Capital Properties currently known as Vereit. Plaintiffs had alleged that American Realty Capital Properties, Inc. engaged in fraudulent accounting over several years and made materially false and misleading statements. Professor Steven Feinstein of Babson College and Crowninshield Financial Research provided expert analysis and several days of deposition testimony on market efficiency, loss causation, and damages.

The judge had credited Professor Feinstein’s analysis in the Court’s decision to certify the class on 24 August 2017:

The class is certified with respect to ARCP’s common stock for the entire duration of the Class Period. The Cammer factors, on the whole, support this finding . . . The Krogman factors also do the same

In Re American Realty Capital Properties, Inc. Litigation, Summary Order Certifying Class

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