Vereit Inc. Lawsuit Settles for $1 Billion in September
According to reports last week, Vereit Inc., a real estate investment company, agreed to pay an $8 million fine to the Securities and Exchange Commission in connection with accounting irregularities from five years ago.
The company, formerly known as American Realty Capital Properties Inc., was reportedly under investigation for alleged suspect accounting practices disclosed in an Oct. 29, 2014, SEC filing. After the company reportedly admitted to a $23 million accounting error, numerous lawsuits were filed alleging that the company falsely inflated financial results.
Vereit reportedly paid $738.5 million as part of the $1 billion class action settlement in September to resolve claims related to accounting disclosures ACRP made in October 2014 and March 2015 that restated earlier financial results. Other parties reportedly paid the balance, including American Realty Capital, a former company executive and the company’s former auditor.
According to reports, last year American Realty Capital and its founder Nicholas Schorsch reportedly agreed to pay $60 million in penalties to settle SEC charges that he, the company and a partner wrongfully obtained millions of dollars in connection with REIT mergers managed by ARCP.
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This information is publicly available on the SEC’s website and provided to you by The White Law Group. If you are concerned about investments you made with American Realty Capital or Vereit, Inc. the securities attorneys at The White Law Group may be able to help you.
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