New York – January 25, 2025 (NewMediawire) – Kaplan Fox & Kilsheimer LLP announces that a collective appeal has been filed against Innovative industrial properties (NYSE :), Innovative Industrial Properties or the Company) (NYSE: IIPR) on behalf of investors who bought or otherwise acquired industrial properties between February 27, 2024 and December 19, 2024 (the period of the appeal).
Click here to join the case
If you are an investor in innovative industrial properties and have suffered losses, you can click here to contact us. You can also contact Kaplan Fox by e-mail at [email protected] or by calling on (646) 315-9003.
Reminder of the deadline: If you are a member of the proposed group, you can ask the court no later than March 18, 2025 to become the main seeker of the alleged group. If you undergo losses, we encourage you to contact us to find out more about the main applicant’s process.
Innovative Industrial Properties works as a real estate investment company (REIT) acquired on the acquisition, ownership and management of specialized properties rented to operators approved by the State for their regulated cannabis installations for medical use.
On December 20, 2024, Innovative Industrial Properties published a press release reporting that Pharmacann Inc., a tenant of eleven properties belonging to Innovative Industrial Properties, missed the obligations to pay the rent in December under six of its eleven Baux, for properties in Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. In addition, the company said that the December rent, including basic rent, property management fees and estimated tax and insurance payments, amounted to $ 4.2 million for these six properties .
Following this news, the price of the Action Industrial Properties dropped by $ 21.68 per share, more than 22 %, to close at $ 73.66 per share on December 20, 2024.
The complaint alleys that, throughout the period referred to in the appeal, the defendants made materially false and/or misleading declarations and/or omitted to disclose that (i) industrial properties experienced significant reductions in rents and Real estate management fees in relation to certain customer leases; (ii) the above would probably harm the company’s capacity to maintain funds from exploitation (FFO) and income growth; And (iii) Consequently, the rental operations of innovative industrial properties were less profitable than what the company had represented to investors.
Why contact Kaplan Fox – Kaplan Fox is a leading national law firm specializing in complex disputes with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With more than 50 years of experience in the fields of disputes in terms of securities, Kaplan Fox offers professional experience and the history that its customers require. By initiating prosecution at the federal and state levels, Kaplan Fox has managed to shape the law by winning many important decisions on behalf of our customers. For more information on Kaplan Fox & Kilsheimer LLP, you can visit our website at www.kaplanfox.com.
This press release can be considered as an advertisement for lawyers in certain courts under the applicable law and ethical rules.
If you have any questions regarding this notice, your rights or your interests, please contact:
CONTACT:
Pamela A. Mayer
Kaplan Fox & Kilsheimer LLP
800 third avenue, 38th floor
New York, New York 10022
(646) 315-9003
Laurence D.King
Kaplan Fox & Kilsheimer LLP
1999, rue Harrison, office 1560
Oakland, California 94612
(415) 772-4704
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