SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired Innovative Industrial Properties, Inc. (NYSE: IIPR) (“IIPR” or the “Company”) securities between February 27, 2024 through December 19, 2024 (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
IIPR investors have until March 18, 2025 to seek appointment as lead plaintiff of the IIPR class action lawsuit.
If you purchased or acquired IIPR securities between February 27, 2024 through December 19, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/iipr/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
IIPR is a real estate investment trust, specializing in the acquisition, ownership, and management of specialized properties leased to state-licensed cannabis operators throughout the United States.
The IIPR lawsuit alleges that Defendants issued false and misleading statements and/or concealed material adverse facts concerning IIPR’s business, operations, and prospects during the Class Period. Specifically, Defendants issued false and misleading statements or failed to disclose that: (i) IIPR was experiencing significant declines in rent and property-management fees in connection with certain customer leases; (ii) the foregoing would likely damage the Company’s ability to maintain funds from operations and revenue growth; (iii) thus, IIPR’s leasing operations were less profitable than the Company had represented to investors.
The truth began to emerge on December 20, 2024, when IIPR announced that PharmaCann LLC, the Company’s largest tenant that accounts for 17% of IIPR’s annualized base rent, had defaulted on its rent obligations for December in six of its 11 leases of cannabis cultivation facilities.
On this news, the price of IIPR common stock fell by $75.30 per share, or 22.7%, 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.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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