NEW YORK - January 21, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Innovative Industrial Properties, Inc. (“Innovative Industrial Properties” or the “Company”) (NYSE: IIPR) on behalf of investors that purchased or otherwise acquired Industrial Properties securities between February 27, 2024 and December 19, 2024 (the “Class Period”).
If you are an investor in Innovative Industrial Properties and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than March 18, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
Innovative Industrial Properties operates as a real estate investment trust (“REIT”) focused on the acquisition, ownership, and management of specialized properties leased to state licensed operators for their regulated medical-use cannabis facilities.
On December 20, 2024, Innovative Industrial Properties issued a press release reporting that PharmaCann Inc., a tenant for eleven properties that Innovative Industrial Properties owns, “defaulted on its obligations to pay rent for the month of December under six of its eleven leases, for properties in Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania.” Additionally, the Company stated that “December rent, including base rent, property management fees and estimated tax and insurance payments, totaled $4.2 million for these six properties.”
On this news, the price of Industrial Properties stock fell $21.68 per share, over 22%, to close at $73.66 per share on December 20, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that, (i) Industrial Properties was experiencing significant declines in rent and property-management fees in connection with certain customer leases; (ii) the foregoing would likely impair the Company's ability to maintain funds from operations (“FFO”) and revenue growth; and (iii) accordingly, Innovative Industrial Properties’ leasing operations were less profitable than the Company had represented to investors.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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