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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

INVESTIGATION ALERT (NYSE: IIPR): DiCello Levitt LLP Is Investigating Investor Claims Against Innovative Industrial Properties, Inc. and Encourages IIPR Investors with Losses to Contact the Firm

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.

No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.

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.

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.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Media Contact

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com


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