AR Capital Issues Statement Regarding Complaint Filed in New York Supreme Court

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Dec 18, 2014, 08:23 ET

NEW YORK, Dec. 18, 2014 /PRNewswire/ -- AR Capital, LLC ("AR Capital") today in response to the complaint filed in the Supreme Court of the State of New York, issued the following statement:

"AR Capital's principals believe this defamation lawsuit is without merit. Mr. Schorsch denies the allegations and intends to defend against the claims vigorously. We are confident that Mr. Schorsch has engaged in no unlawful conduct. We note that a lawyer for Ms. McAlister, the plaintiff in this matter, raised similar allegations in a letter sent to Mr. Schorsch in November that sought an "opportunity" to "resolve" them. Mr. Schorsch received the letter on November 14 and immediately arranged for the letter to be forwarded to the appropriate government authorities. Although the ARCP Audit Committee investigation is continuing, we understand that to date there has not been any conclusion of unlawful conduct by Mr. Schorsch. Both AR Capital and Mr. Schorsch will have no further comment on the lawsuit at this time."

About AR Capital

Founded in 2006, AR Capital is a full-service investment management firm providing advisory services to retail and institutional investors. AR Capital is an active sponsor and manager of numerous alternative investment programs, including multiple REITs, open-end mutual funds, a business development company and a closed–end fund. Additional information can be found at www.americanrealtycap.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "will," "should," "may," "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words.

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SOURCE AR Capital, LLC