Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Maryland on behalf of shareholders of Innovative Industrial Properties, Inc. who purchased shares between February 27, 2024 and December 19, 2024.
Innovative and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 20, 2024, the Company disclosed that on the previous day, PharmaCann Inc., the Company’s tenant for eleven properties “which represented 17% of IIP’s total rental revenues for the three and nine months ended September 30, 2024…defaulted on its obligations to pay rent for the month of December under six of the eleven Leases, for properties located in Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. 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 IIPR’s stock fell fell $21.68 per share, or 22.73%, to close at $73.66 per share on December 20, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 18, 2025 to request that the court appoint them lead plaintiff.