BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith reminds investors of the upcoming June 24, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Innovative Industrial Properties, Inc. (“Innovative Industrial Properties” or the “Company”) (NYSE: IIPR) securities between May 7, 2020 and April 13, 2022, inclusive (the “Class Period”).
Investors suffering losses on their Innovative Industrial Properties investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On April 14, 2022, before market hours, Blue Orca Capital released a report alleging, among other things, that Innovative Industrial Properties is “a marijuana bank masquerading as a [real estate investment trust (“REIT”)],” and that the Company’s model is “to conduct sale-leaseback transactions with cannabis producers who are otherwise prohibited from borrowing money because of federal regulations.”
On this news, the Company’s stock fell $13.76, or 7.5%, to close at $169.68 per share on April 14, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s focus is to be a cannabis company lender rather than a real estate investment trust; (2) that the true values of the Company’s properties are significantly lower than Innovative Industrial Properties represents; (3) existential issues in its top customers; (4) that as a result, its top customers may not be able to continue making payments to the Company, which would face significant issues replacing these customers; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Innovative Industrial Properties securities during the Class Period, you may move the Court no later than June 24, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.