Robbins Geller Rudman & Dowd LLP Announces

SAN DIEGO, April 30, 2022 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that buyers or acquirers of Innovative Industrial Properties, Inc. (NYSE: IIPR; IIPR-PA) publicly traded securities between May 7, 2020 and April 13, 2022 (inclusive) (the “Collection Period”) until June 24, 2022 Time to seek appointment as Lead Plaintiff Mallozzi v Innovative Industrial Properties, Inc., No. 22-cv-02359 (DNJ). Beginning April 25, 2022, the Innovative industrial properties Class action lawsuit charges Innovative Industrial Properties and certain of its officers with violations of the Securities Exchange Act of 1934.

If you have suffered significant losses and are the main plaintiff in the Innovative industrial properties class action, Please enter your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by phone at 800/449-4900 or email jsanchez@rgrdlaw.com. Execute the plaintiff’s applications for the Innovative industrial properties Class action must be filed with the court no later than June 24, 2022.

CASE CLAIMS: Innovative Industrial Properties purports to be an internally managed real estate investment trust (“REIT”) focused on acquiring, owning and managing specialty industrial properties that are sold to experienced, state-licensed operators for their regulated state-licensed Cannabis facilities can be rented.

That Innovative industrial properties The class action alleges that throughout the class period, the defendants made false and misleading statements and failed to disclose: (i) that Innovative Industrial Properties is focused on being a lender to cannabis companies and not a REIT; (ii) that the true values ​​of Innovative Industrial Properties’ properties are significantly lower than Innovative Industrial Properties represents; (iii) existential problems at its top clients; (iv) as a result, Innovative Industrial Properties’ top customers may become unable to make payments to Innovative Industrial Properties and Innovative Industrial Properties would face significant problems in replacing those customers; and (v) that, as a result, Defendants’ statements about the business, operations and prospects of Innovative Industrial Properties were materially false, misleading and/or lacking any basis in reasonableness at all relevant times.

On April 14, 2022, market researcher Blue Orca Capital released a report on Innovative Industrial Properties that summarized it as “a marijuana bank disguised as a REIT.” [Innovative Industrial Properties’] The model is to conduct sale-leaseback transactions with cannabis producers who are otherwise prohibited by federal regulations from borrowing money.” For example, the report states: (i) in relation to Innovative Industrial Properties’ true business focus as Cannabis company lender: “[i]n Consideration for overpaying for cannabis company real estate and funding tenant improvements to expand facilities, [Innovative Industrial Properties] receives loan repayment in the form of long-term leases at yields of 11-14%. As a matter of fact, [Innovative Industrial Properties] is less of a traditional REIT and more of a marijuana bank, lending to cannabis companies that otherwise would not have access to the banking system to grow their businesses”; (ii) in relation to the true value of Innovative Industrial Properties’ properties: “The market value of the properties appears to be substantially lower than they are currently held [Innovative Industrial Properties’] balance sheet. That’s because [Innovative Industrial Properties], is conducting sale-leaseback transaction with above-market cannabis companies to lend money to its tenants who would otherwise be unable to borrow from the banking system”; and (iii) in relation to Innovative Industrial Properties’ existential problems with its customers: “Innovative Industrial Properties’ largest defaulting tenant charged with pyramid schemes in March 2022”, Innovative Industrial Properties investor lawsuits, “Innovative Industrial’s second largest tenant Properties accused of fraud in lawsuit between founders’ and ‘Listing tenants grapple with falling share prices (-46%) and deteriorating cash flows’ by Innovative Industrial Properties. On the news, Innovative Industrial Properties’ share price fell more than 7.5%, hurting investors.

THE LEADING PLAINTANT TRIAL: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Innovative Industrial Properties securities during the Class Period to seek appointment as lead plaintiff in the litigation Innovative industrial properties class action. A lead plaintiff is generally the claimant who has the greatest financial interest in the remedy sought by the alleged class that is also typical and appropriate for the alleged class. A lead plaintiff acts on behalf of all other group members in the direction of the Innovative industrial properties class action. The lead plaintiff may select a law firm of his choice to conduct the litigation Innovative industrial properties class action. An investor’s ability to participate in a potential future recovery Innovative industrial properties The class action is not contingent on her serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action law firms representing plaintiffs in securities fraud cases. The company ranks first in ISS Securities Class Action Services’ 2021 Top 50 report for recovering nearly $2 billion for investors last year alone — more than triple the amount recovered by any of the plaintiffs’ other companies was reclaimed. With 200 attorneys in 9 offices, Robbins Geller’s attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recovery of all time – $7.2 billion – in Regarding Enron Corp. sec. lig. Visit http://www.rgrdlaw.com for more information.

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Contact:
Robbins Geller Rudman & Dowd LLP
655 W Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
jsanchez@rgrdlaw.com

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