NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with losses in Excess of $100,000 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), if they purchased the Company’s securities between February 27, 2024 and December 19, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Maryland.
What You May Do
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 visit https://www.ksfcounsel.com/cases/nyse-iipr/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 18, 2025.
About the Lawsuit
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 $21.68 per share, or 22.73%, to close at $73.66 per share on December 20, 2024.
The case is Giraudon v. Innovative Industrial Properties, Inc., No. 25-cv-00182.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.