(NYSE:IIPR),
SAN DIEGO, Jan. 17, 2025 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that the Innovative Industrial Properties class action lawsuit seeks to represent purchasers or acquirers of Innovative Industrial Properties, Inc. (NYSE: IIPR) securities between February 27, 2024 and December 19, 2024, inclusive (the “Class Period”). Captioned Giraudon v. Innovative Industrial Properties, Inc., No. 25-cv-00182 (D. Md.), the Innovative Industrial Properties class action lawsuit charges Innovative Industrial Properties and certain of Innovative Industrial Properties' top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Innovative Industrial Properties class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-innovative-industrial-properties-class-action-lawsuit-iipr.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
The Innovative Industrial Properties class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Innovative Industrial Properties was experiencing significant declines in rent and property-management fees in connection with certain customer leases; (ii) the foregoing would likely impair Innovative Industrial Properties' ability to maintain funds from operations (“FFO”) and revenue growth; and (iii) accordingly, Innovative Industrial Properties' leasing operations were less profitable than Innovative Industrial Properties had represented to investors.
The Innovative Industrial Properties class action lawsuit further alleges that on November 6, 2024, Innovative Industrial Properties reported its third quarter of 2024 financial results, disclosing normalized FFO per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in the same period in 2023, and revenue of $76.5 million, missing the consensus estimate of $77.5 million and declining from $77.8 million in the same period in 2023. The complaint alleges that Innovative Industrial Properties stated that the year-over-year decrease was due to a $3.0 million decline in contractual rent and property management fees in the third quarter related to properties that Innovative Industrial Properties regained possession of since June 2023; a decline of $1.3 million due to rent received but not recognized in rental revenues resulting from the re-classifications of two sales-type leases beginning January 1, 2024; and $1.3 million of contractually due rent and property management fees that were not collected during the current quarter. On this news, the price of Innovative Industrial Properties stock fell more than 10%, according to the complaint.
Then, on December 20, 2024, the Innovative Industrial Properties class action lawsuit alleges that Innovative Industrial Properties announced that on the previous day, PharmaCann Inc., the tenant for eleven properties that Innovative Industrial Properties owns – and the revenues from which represented 17% of Innovative Industrial Properties' 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 its eleven leases, for properties located in Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania. On this news, the price of Innovative Industrial Properties stock fell nearly 23%, according to the Innovative Industrial Properties class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Innovative Industrial Properties securities during the Class Period to seek appointment as lead plaintiff in the Innovative Industrial Properties class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Innovative Industrial Properties class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Innovative Industrial Properties class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Innovative Industrial Properties class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
