Glancy Prongay & Murray LLP Re
LOS ANGELES, May 20, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 24, 2022 deadline to file a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Innovative Industrial Properties, Inc. (“Innovative Industrial Properties” or the “Company”) (:IIPR) securities between May 7, 2020 and April 13, 2022inclusive (the “Class Period”).
If you have suffered a loss on your investments in Innovative Industrial Properties or would like to inquire about the potential pursuit of claims to recover your loss under federal securities laws, you may submit your contact information at www. .glancylaw.com/cases/innovative-industrial-properties-inc/. You may also contact Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to find out 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 posing as a [real estate investment trust (“REIT”)]and that the company’s model is “to engage in sale-leaseback transactions with cannabis producers who are otherwise prohibited from borrowing money due to federal regulations.”
On this news, shares of the company fell $13.76, or 7.5%, to close at $169.68 per share on April 14, 2022, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors: (1) that the company’s purpose is to be a cannabis company lender rather than a real estate investment trust; (2) that the actual values of the Company’s properties are significantly lower than those represented by the innovative industrial properties; (3) the existential problems of its main customers; (4) that as a result, its main customers may not be able to continue to make payments to the Company, which would face significant problems in replacing these customers; and (5) therefore, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.
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If you purchased or otherwise acquired titles to Innovative Industrial Properties during the Class Period, you may bring a claim to court no later than June 24, 2022 to seek appointment as lead plaintiff in this putative class action. To be a class member, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or do nothing and remain an absentee member of the class action. If you would like to know more about this class action, or if you have any questions about this announcement or your rights or interests in the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224