Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of New Jersey on behalf of shareholders of Innovative Industrial Properties, Inc. who purchased shares between May 7, 2020 and April 13, 2022.
Innovative Industrial and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s focus is to be a cannabis company lender rather than a real estate investment trust (REIT); (ii) the true values of the Company’s properties are significantly lower than represented; (iii) the Company’s top customers experienced significant issues; (iv) as a result, its top customers may not be able to continue making payments to the Company and it would face significant issues replacing these customers; and (v) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
When the true details entered the market, the price of the Company’s shares fell, damaging investors.
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 June 24, 2022 to request that the court appoint them lead plaintiff.