Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Innovative Industrial Properties, Inc. (IIPR)

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Innovative Industrial Properties, Inc. (IIPR)
CANNANNEW REPORT

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 24, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who 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”). If you suffered a loss on your Innovative Industrial Properties investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at http://www.glancylaw.com/cases/innovative-industrial-properties-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights. 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…

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Source : Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Innovative Industrial Properties, Inc. (IIPR)

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