NEW YORK, Dec. 18, 2014 /PRNewswire/ -- RCS Capital
Corporation ("RCS Capital") (NYSE: RCAP), in light of recent market
developments, issued the following statement:
"The fundamentals driving the success of our business remain
strong and unchanged. Our confidence in the long-term
prospects for the company is resolute," said Michael Weil, Chief Executive Officer of RCS
Capital. "There have been no reported accounting irregularities at
RCS Capital, none, and the recent unfounded allegations reported in
the press in connection with our Chairman, Nicholas S. Schorsch, should not have any
material impact on the long-term strength of our business model or
our operating results."
Mr. Weil continued, "Progress on our strategic initiatives has
resulted in recent positive analyst recommendations and upgrades,
citing a strong outlook for our retail advice business and
stabilization in other areas of RCS Capital over the longer term.
We believe investors remain confident in the direct investment and
mutual fund products we distribute as evidenced by the steady
increase in sales volume throughout November. The steady and
continual reinstatement of our products by our selling group
members, and the over 1,100 current active selling agreements, will
help ensure that retail clients continue to have access to the
diverse portfolio of alternative investments we offer."
On October, 31, 2014, RCS Capital's audit committee, made up of
entirely independent directors, retained independent external legal
counsel to conduct a review in accordance with specified procedures
determined appropriate in scope by that committee. RCS
Capital's counsel was assisted by an outside forensic accounting
firm in the review. Following counsel's review, assisted by the
accounting firm, RCS Capital announced that its audit committee,
board of directors and management team remained confident in
the company's reported historical financials, financial accounting,
and internal controls.
"We continue to be completely confident in the professionalism,
integrity and good judgment of our entire management team and our
board of directors," said Mark
Auerbach, the company's Lead Independent Director.
"RCS Capital has made certain that our house is in financial order
as evidenced by the accounting review we undertook."
About RCS Capital
RCS Capital Corporation (NYSE: RCAP) is a full-service
investment firm expressly focused on the individual retail
investor. With operating subsidiaries including retail advice
services, wholesale distribution, investment banking, capital
markets, investment research, investment management and
crowdfunding, RCS Capital's business is designed to capitalize,
support, grow and maximize value for the investment programs it
distributes and the independent advisors and clients it serves.
Additional information about RCS Capital can be found on its
website at www.rcscapital.com. RCS Capital may disseminate
information about itself, including the results of its operations
and financial information, via social media platforms such as
Facebook, LinkedIn and Twitter.
Forward-Looking Statements
The statements in this press release include statements
regarding the intent, belief or current expectations of RCS Capital
and members of its management team, as well as the assumptions on
which such statements are based, and generally are identified by
the use of words such as "may," "will," "seeks," "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "should,"
"look forward" or similar expressions. Actual results may differ
materially from those contemplated by such forward-looking
statements due to certain factors, including RCS Capital's ability
to integrate businesses acquired in recent and pending acquisitions
into its existing businesses. Additional factors that may affect
future results are contained in RCS Capital's filings with the SEC,
which are available at the SEC's website at www.sec.gov. Further,
forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time, unless required by
law.
Media
Inquiries:
|
Investor
Inquiries:
|
|
|
Jonathan Keehner
/
Mahmoud
Siddig
Joele Frank,
Wilkinson Brimmer Katcher
(212)
355-4449
|
Andrew G.
Backman
Managing
Director
Investor Relations
and Public Relations
RCS Capital
Corporation
ABackman@rcscapital.com
(917)
475-2135
|
Brian D.
Jones
Chief Financial
Officer
RCS Capital
Corporation
BJones@rcscapital.com
(646)
937-6903
|
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SOURCE RCS Capital Corporation