IIPR) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Innovative Industrial Properties, Inc. (NYSE: IIPR) | Ezine Daddy

Have you lost money investing in Innovative Industrial Properties? If this is the case, please visit Innovative Industrial Properties, Inc. Shareholder Class Action Lawsuit or contact us Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.

NEW YORK, April 26, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that it has filed a securities class action lawsuit was filed. between May 7, 2020 and April 13, 2022, inclusive (the “Class Period”). The lawsuit has been filed The United States district court New Jersey and alleges violations of the Securities Exchange Act of 1934.

IIPR purports to be an internally managed real estate investment trust (“REIT”) focused on acquiring, owning and managing specialty industrial real estate properties that are leased to experienced, federally licensed operators for their regulated federally licensed cannabis facilities .

In the lawsuit, plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) that IIPR’s focus is to be a lender to cannabis companies and not a REIT; (2) that the true values ​​of IIPR’s properties are significantly lower than those of the Company; (3) existential problems plagued his top clients; and (4) that as a result, its top customers may not be able to continue making payments to IIPR, which would have significant problems replacing those customers.

on April 14, 2022Before the close of trading, market research firm Blue Orca Capital released a report on IIPR (the “Report”), which described the Company as “a marijuana bank disguised as a REIT” prohibited by federal regulations from lending money.”

The report stated that “[i]In return for overpaying for land from cannabis companies and funding tenant improvements to expand facilities, IIPR receives loan repayment in the form of long-term leases with yields of 11-14%. In fact, IIPR is less of a traditional REIT and more of a marijuana bank, lending to cannabis companies that wouldn’t otherwise have access to the banking system to grow their businesses. This works as long as tenants can repay their loans by continuing to make their rent payments, which means IIPR’s business and valuation depends on quality tenants.” The report also noted that “IIPR, unlike other REITs cannot expect to recoup lost earnings from defaulting tenants because the actual values ​​of its properties appear to be significantly less than their book values ​​on the IIPR balance sheet.”

As a result of this news, IIPR stock price fell more than 7% to close $169.68 per share April 14, 2022.

If you wish to appear as lead plaintiff, you must call the court no later than June 24, 2022. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. Your ability to participate in a recovery does not require you to serve as lead plaintiff. If you choose not to take action, you can remain an absentee class member.

if you purchased or acquired IIRP securities and/or want to discuss your legal rights and options please visit Innovative Industrial Properties, Inc. Shareholder Class Action or contact us Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered $3.5 billion for his customers. In addition to representing individual investors, the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and conduct litigation on their behalf. Due to its success in litigating hundreds of court cases and class actions, the firm has been named to the National Law Journal’s Plaintiff Hot List thirteen times and has been included in The Legal 500 for ten consecutive years.

LAWYER ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this notice is Bernstein Liebhard LLP, 10 East 40th Street, New-York, New-York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future matters.

Contact information:

Peter Allocco
Amber Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]

SOURCE Bernstein Liebhard LLP

Leave a Comment