PHOENIX, April 8, 2019 /PRNewswire/ -- VEREIT,
Inc. (NYSE: VER) announced today that between March 31, 2019 and April
5, 2019, VEREIT, Inc. and VEREIT Operating Partnership, L.P.
(collectively "VEREIT" or the "Company") entered into Settlement
Agreements and Releases (the "Settlement Agreements") to settle
claims with shareholders (the "Settling Shareholders") who decided
not to participate as class members in the class action pending in
the United States District Court
for the Southern District of New
York, In re American Realty Capital Properties,
Inc., Litigation, No. 1:15-mc-00040-AKH (the "Class Action").
The claims at issue in the Class Action arose out of the
disclosures made by the Company in October
2014 and March 2015 regarding
its financial statements, which included the Company's March 2015 restatement of certain of its
previously issued financial statements. Pursuant to the terms of
the Settlement Agreements, the parties have agreed that the
Settling Shareholders will release all claims related to the
purchase or sale of the Company's securities during the period at
issue in the Class Action and the Company will make payments to the
Settling Shareholders totaling approximately $12.2 million in connection with the settlement
and release of the claims. The Company maintains the ability
to pursue claims against third parties, including claims for
contribution for amounts paid in the settlements. The
Settlement Agreements do not contain any admission of liability,
wrongdoing or responsibility by any of the parties.
VEREIT is pleased to have reached these settlements.
Including all of the previously announced settlements, the
Company has now settled claims brought by plaintiffs holding shares
of common stock and swaps referencing common stock representing
approximately 35.3 percent of VEREIT's outstanding shares of common
stock held at the end of the period covered by the various pending
shareholder actions for a total of approximately $245.4 million.
There can be no assurance as to whether or how these settlements
may affect any potential future resolution of any pending lawsuit
or claim, the timing of any such resolution, or the amount at which
any other matter may be resolved.
About the Company
VEREIT is a full-service real estate operating company which
owns and manages one of the largest portfolios of single-tenant
commercial properties in the U.S. The Company has total real estate
investments of $15.6 billion
including approximately 4,000 properties and 95.0 million square
feet. VEREIT's business model provides equity capital to
creditworthy corporations in return for long-term leases on their
properties. VEREIT is a publicly traded Maryland corporation listed on the New York
Stock Exchange. Additional information about VEREIT can be found on
its website at www.VEREIT.com and through social media platforms
such as Twitter and LinkedIn.
Forward-Looking Statements
Information set forth herein contains "forward-looking
statements" (within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended), which reflect the Company's expectations
regarding future events and plans, and the resolution of pending
litigation matters. Generally, the words "expects," "anticipates,"
"assumes," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," variations of such words and
similar expressions identify forward-looking statements. The
forward-looking statements involve a number of assumptions, risks,
uncertainties and other factors which are difficult to predict, may
be beyond the Company's control and that could cause actual results
to differ materially from those contained in the forward-looking
statements. The following factors, among others, could cause
actual results to differ from those set forth in the
forward-looking statements: risks associated with pending
government investigations and litigations related to the Company's
previously disclosed audit committee investigation; and the other
factors contained in the Company's filings with the Securities and
Exchange Commission, which are available at the Securities and
Exchange Commission's website at www.sec.gov. The Company disclaims
any obligation to publicly update or revise any forward-looking
statements contained in this press release whether as a result of
changes in underlying assumptions or factors, new information,
future events or otherwise, except as required by law.
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SOURCE VEREIT, Inc.