Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of CapLease,

  Brower Piven Announces Class Action Lawsuit in Connection With Claims of
  Breaches of Fiduciary Duty by the Board of CapLease, Inc. in Connection With
  a Proposed Buyout

Business Wire

STEVENSON, Md. -- June 18, 2013

The securities litigation firm of Brower Piven, A Professional Corporation,
announces that a class action lawsuit has been commenced in the New York
Supreme Court for New York County, on behalf of all common stockholders of
CapLease, Inc. (“CapLease” or the “Company”) (NYSE: LSE).

According to the complaint, under the terms of the proposed transaction,
American Realty Capital Properties, Inc. (“American Realty”) would acquire the
outstanding shares of CapLease for a value of $8.50 per share in cash. As set
forth in the complaint, the proposed buyout consideration is woefully
inadequate and falls short of at least one analyst’s price target of $9.00 per
share. The claims concern, among other things, whether the proposed
consideration to be paid to CapLease shareholders is unfair, inadequate, and
substantially below the fair or inherent value of CapLease.

The complaint alleges that the proposed buyout will entitle the directors of
the Company to hundreds of thousands of dollars in lump sum cash payments and
that the directors of the Company have entered into a voting agreement
pursuant to which they have already agreed to vote in favor of the proposed
buyout. According to the complaint, following a change in control, as
contemplated by the merger, CapLease’s CEO will receive a cash payment equal
to three times his base salary, three times his average annual bonus, and a
pro rata portion of his highest annual bonus for the prior three calendar
years, as well as immediate vesting of all his restricted stock awards. The
complaint further alleges that the provisions of the proposed buyout constrain
CapLease’s ability to solicit or communicate with other potential acquirers or
consider their proposals, as well as other deal protection devices that make
an alternative transaction either prohibitively expensive or otherwise
impossible. As detailed in the Complaint, the merger agreement contains a
termination fee that exposes CapLease to a potential payment of $21 million
plus a $4 million expense reimbursement to American Realty.

If you currently own common stock of CapLease and would like to learn more
about the lawsuit filed against CapLease, you may email or call Brower Piven,
who will, without obligation or cost to you, attempt to answer your questions.
You may contact Brower Piven by email at hoffman@browerpiven.com, by calling
(410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have
combined experience litigating securities and other class action cases of over
60 years.

Contact:

Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles J. Piven, 410-415-6616
hoffman@browerpiven.com
 
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