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American Campus Communities, Inc. Announces Pricing of $400 Million 2.850 Percent Senior Unsecured Notes Due 2030

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American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These 10-year notes were issued at 99.810 percent of par value with a coupon of 2.850 percent and are fully and unconditionally guaranteed by American Campus Communities, Inc. Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. American Campus Communities Operating Partnership LP expects to use the net proceeds (after expenses) of approximately $394.3 million, together with cash on hand or borrowings under its revolving credit facility, to fund the early redemption of all of the $400 million aggregate principal amount of its 3.350% Senior Notes due 2020, which includes a make-whole premium and accrued and unpaid interest to the date of redemption. In connection with this redemption, we expect to record a one-time charge of approximately $4.3 million, or approximately $0.03 per share, to our net income in the first quarter of 2020. Settlement is scheduled for January 30, 2020, subject to the satisfaction of customary closing conditions. The consummation of this offering is not conditional upon the completion of the redemption of the 3.350% Senior Notes due 2020.

U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the Joint Book-Running Managers for the offering and Capital One Securities, Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Piper Sandler & Co. and Regions Securities LLC are the Co-Managers.

American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents that American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed with the SEC, including the prospectus supplement, for more complete information about American Campus Communities, Inc., American Campus Communities Operating Partnership LP and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, American Campus Communities, Inc., American Campus Communities Operating Partnership LP or any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting U.S. Bancorp Investments, Inc., toll-free at 1-877-558-2607 or Wells Fargo Securities, LLC, toll free at 800-645-3751.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or other jurisdiction.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of September 30, 2019, American Campus Communities owned 168 student housing properties containing approximately 113,400 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 205 properties with approximately 140,300 beds.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on managements current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the Company) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018 under the heading Risk Factors and under the heading Business – Forward-looking Statements and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Ryan Dennison

Investor Relations

(512) 732-1000

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FUNKO INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Funko, Inc. – FNKO

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NEW ORLEANS, Dec. 5, 2020 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Funko, Inc. (NasdaqGS: FNKO).  

On February 5, 2020 the Company disclosed disappointing preliminary Q4 2019 results, including an 8% year-over-year decrease in net sales of $214 million, which the Company blamed in part on a $16.8 million charge to write down slow-moving inventory. Then, on March 5, 2020, the Company released its Q4 2019 and full year 2019 financial results, confirming that net sales for fourth quarter had decreased to $213.6 million due to, among other things, “softness at retail during the holiday season which led to a decrease in orders.”

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws.

KSF's investigation is focusing on whether Funko's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of Funko shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-fnko/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/funko-investigation-initiated-by-former-louisiana-attorney-general–kahn-swick–foti-llc-investigates-the-officers-and-directors-of-funko-inc—fnko-301186813.html

SOURCE Kahn Swick & Foti, LLC

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ZOOM VIDEO INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Zoom Video Communications, Inc. – ZM

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NEW ORLEANS, Dec. 5, 2020 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Zoom Video Communications, Inc. (NasdaqGS: ZM).

On November 10, 2020, following its investigation spanning over a year, the Federal Trade Commission announced a settlement with the Company over charges that it misled users regarding the level of security protecting its video conferencing services, giving users a false sense of security and exposing them to security breaches.  The settlement requires the Company to “implement a robust information security program,” prohibits “privacy and security misrepresentations,” and levies fines of up to $43,280 for each future violation.

The Company has also been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which is ongoing. 

KSF's investigation is focusing on whether Zoom's officers and/or directors breached their fiduciary duties to Zoom's shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of Zoom shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-zm/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
206 Covington St.
Madisonville, LA 70447

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/zoom-video-investigation-initiated-by-former-louisiana-attorney-general–kahn-swick–foti-llc-continues-to-investigate-the-officers-and-directors-of-zoom-video-communications-inc—zm-301186812.html

SOURCE Kahn Swick & Foti, LLC

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SUPER MICRO INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Super Micro Computer, Inc. – SMCI

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NEW ORLEANS, Dec. 5, 2020 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Super Micro Computer, Inc. (NasdaqGS: SMCI).  

On October 26, 2017, the Company disclosed an investigation into revenue recorded in 2Q 2017 (ended 12/31/2016), extending a prior delay for filing its 2017 10-K.  Then, on August 22, 2018, the Company disclosed that its stock was being delisted for its ongoing failure to file its 2017 10-K and 10-Q reports.  Then, on November 15, 2018, the Company disclosed that its financial statements for each of the quarterly and annual periods during FY15, FY16 and the first three quarters of FY17 should no longer be relied upon because of errors “primarily related to the timing of recognition of revenue and classification of certain inventory.” Then, on May 17, 2019, the Company filed restated financial results for FY15-FY17, also describing material weaknesses in internal controls, including “a culture of aggressively focusing on quarterly revenue without sufficient focus on compliance,” among other things. 

On August 25, 2020, the SEC issued cease and desist orders against the Company and certain executives for violations of federal securities laws, including “antifraud, reporting, books and records, and internal accounting controls provisions,” and fined the Company $17.5 million.

The Company has also been sued in a securities class action lawsuit for failing to disclose material information to investors, violating federal securities laws, which is ongoing.

KSF's investigation is focusing on whether Super Micro's officers and/or directors breached their fiduciary duties to Super Micro's shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of Super Micro shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit http://ksfcounsel.com/cases/nasdaqgs-smci/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/super-micro-investigation-initiated-by-former-louisiana-attorney-general–kahn-swick–foti-llc-investigates-the-officers-and-directors-of-super-micro-computer-inc—smci-301186811.html

SOURCE Kahn Swick & Foti, LLC

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