Class Action Lawsuit Filed Against Innovative Industrial Properties, Inc. (IIPR)
New York, NY, January 27, 2025 – Levi & Korsinsky, LLP announces that a class action securities lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Innovative Industrial Properties, Inc. (“Innovative Industrial Properties” or the “Company”) (NYSE: IIPR). The lawsuit alleges that the Company and certain of its top executives made false and misleading statements and failed to disclose material information related to the Company’s business, operations, and financial condition.
Alleged Misrepresentations
The complaint alleges that the defendants made false and misleading statements and failed to disclose material information, including:
- That the Company’s business was growing and that it was well-positioned to capitalize on the growing demand for cannabis-related real estate;
- That the Company had a strong and experienced management team;
- That the Company’s financial statements and disclosures were accurate and complete;
- That the Company had effective internal controls and risk management practices;
The complaint further alleges that these statements were false and misleading at the time they were made because the defendants knew, or should have known, that the Company’s business was not growing as represented, that the Company’s financial statements contained material misstatements, and that the Company’s internal controls and risk management practices were inadequate.
Impact on Shareholders
The lawsuit could potentially impact shareholders who purchased or otherwise acquired Innovative Industrial Properties securities between March 27, 2020 and December 15, 2021, inclusive (the “Class Period”). If the plaintiff is successful in the lawsuit, shareholders may be entitled to damages and other relief.
Impact on the Industry
The filing of this class action lawsuit against Innovative Industrial Properties could have significant implications for the cannabis real estate industry as a whole. It could lead to increased scrutiny of other publicly traded companies in the sector, potentially resulting in increased regulatory oversight and increased transparency. It could also potentially deter investors from investing in the sector, at least in the short term.
Conclusion
Investors in Innovative Industrial Properties, Inc. who purchased or otherwise acquired the Company’s securities during the Class Period may wish to consult with a securities attorney to discuss their options for recovering their losses. The lawsuit alleges that the defendants made false and misleading statements and failed to disclose material information, potentially resulting in significant damages to shareholders. The outcome of the lawsuit could have significant implications for the cannabis real estate industry as a whole.
It is important to note that the filing of a class action lawsuit is not a guarantee of success, and there are no guarantees that the plaintiff will be successful in recovering damages. However, shareholders who believe they may have been impacted by the alleged misrepresentations may wish to consider their options for seeking recovery.
Levi & Korsinsky, LLP is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s securities litigation team has extensive experience in prosecuting securities class actions and has recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please contact Levi & Korsinsky, LLP.
This communication is not intended to be and should not be construed as legal or securities advice to any person. This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the prospective financial performance of the Company. You can identify these and other forward-looking statements by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from those stated or implied by such forward-looking statements.
