NEW ORLEANS, La., Jan. 22, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 18, 2025 to file lead plaintiff applications in a securities class action lawsuit against Innovative Industrial Properties, Inc. (NYSE: IIPR), if they purchased the Company’s securities between February 27, 2024 and December 19, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Maryland.
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Innovative Industrial investors should visit us at https://claimsfiler.com/cases/nyse-iipr-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Innovative Industrial 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.
The case is Giraudon v. Innovative Industrial Properties, Inc., No. 25-cv-00182.
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