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NEW YORK CITY—Seeking to dispel the perception that his company’s top financial personnel had sought to inflate quarterly earnings numbers, American Realty Capital Properties‘ CEO on Wednesday afternoon said the misstated earnings grew out of an accounting error that was then covered up. The mistake, which precipitated a plummeting of the net lease REIT‘s stock prices on Wednesday and prompted a number of analysts to issue downgrades, resulted in the resignations of CFO Brian Block and chief accounting officer Lisa McAlister earlier the same day.


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