SAN DIEGO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it is investigating whether Innovative Industrial Properties, Inc. (“Innovative” or the “Company”) (NYSE: IIPR) violated the federal securities laws, issued false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Innovative securities from February 2024 to the present and those with information about the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com.
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Investigation Details:
Innovative is a real estate investment trust, specializing in leasing real estate to state-licensed cannabis operators throughout the U.S. DiCello Levitt is investigating whether Innovative made misrepresentations and/or failed to disclose material information regarding the risk of its largest tenant defaulting on leases for Innovative’s properties.
On December 20, 2024, Innovative announced that its largest tenant, PharmaCann, the nation’s largest cannabis multistate operator that accounts for 17% of the Company’s annualized base rent, had defaulted on its rent obligations for December in six of its 11 leases of cannabis cultivation facilities. In response to the announcement, several market analysts downgraded their ratings of Innovative’s stock due to the impact this default would have on the Company. For example, BTIG wrote that the “PharmaCann portfolio with 677K sq. ft. of cultivation/production space would be the largest default since the company’s founding.”
On this news, the price of Innovative common stock fell $75.30 per share, from a closing price of $95.34 per share on December 19, 2024, to a closing price of $73.66 per share on December 20, 2024, a decline of 22.7% on heavy volume.
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