Security Investigation
Innovative Industrial Properties, Inc. (NYSE: IIPR)
55 Days left to seek lead plaintiff status.
Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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).
Innovative 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.
If you purchased securities of Innovative and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Giraudon v. Innovative Industrial Properties, Inc., No. 25-cv-00182.