The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Innovative Industrial Properties, Inc. (IIPR) Investors

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Innovative Industrial Properties, Inc. (IIPR) Investors
CANNANNEW REPORT

LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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”). Innovative Industrial Properties investors have until June 24, 2022, to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. 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…

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Source : The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Innovative Industrial Properties, Inc. (IIPR) Investors

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