American Realty Capital Properties' stock tumbled 13% in premarket trade Monday, after RCS Capital said it terminated its agreement to buy American Realty's Cole Capital business. American Realty's stock has plunged 28% over the past three sessions, closing Friday at an all-time low of $8.87, after the real estate investment trust said last Wednesday that its financial filings covering 2013 and the first two quarters of 2014 should not be relied upon, which prompted an investigation by the Securities and Exchange Commission. At that time, American Realty had said it didn't expect the accounting matters to affect the sale of its Cole Capital business to RCS Capital. RCS's stock traded 2.4% higher in light volume early Monday.
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