The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Innovative Industrial Properties, Inc. (NYSE: IIPR) who purchased shares between May 7, 2020 and April 13, 2022. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Innovative Industrial Properties, Inc. lawsuit alleges that (1) Innovative Industrial Properties’ focus is to be a cannabis company lender rather than a REIT; (2) that the true values of the Company’s properties are significantly lower than IIPR represents; (3) there are existential issues in its top customers; (4) as a result, its top customers may not be able to continue making payments to IIPR and the Company would face significant issues replacing these customers; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until June 24, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.