| COMPANY |
Innovative Industrial Properties, Inc. |
| COURT |
United States District Court for the District of Maryland |
| CASE NUMBER |
1:25-cv-00182 |
| JUDGE |
The Hon. Richard D. Bennett |
| CLASS PERIOD |
February 27, 2024, through December 19, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS MARCH 18, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Innovative Industrial Properties, Inc. (“IIPR”) (NYSE: IIPR) securities between February 27, 2024, and December 19, 2024, inclusive (the “Class Period”).
IIPR, a Maryland corporation with its principal executive offices in Park City, Utah, is a real estate investment trust (“REIT”) focused on the acquisition, ownership, and management of specialized properties leased to state-licensed operators for their regulated medical-use cannabis facilities. As is relevant here, IIPR utilizes funds from operations (“FFO”)—a metric calculated by adding depreciation, amortization, and losses on sales of property to its earnings, and then subtracting any gains on sales of property and any interest income—in order to measure its financial performance. FFO is considered to be a more accurate value of a REIT’s performance than net income due to certain limitations with traditional accounting methods, and thus, is seen as providing investors a clearer picture of a REIT’s ability to generate revenue and pay dividends.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) IIPR was experiencing significant declines in rent and property-management fees in connection with certain customer leases, which was likely to impair the company's ability to maintain FFO and revenue growth; (2) accordingly, IIPR's leasing operations were less profitable than the company had represented to investors; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.