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NEW YORK – January 25, 2025 (News Media) – Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed. Innovative industrial features (NYSE: ), Inc. (Innovative Industrial Properties or the Company) (NYSE: IIPR) on behalf of investors who purchased or acquired Industrial Properties securities between February 27, 2024 and December 19, 2024 (the Class Period).
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If you are an investor in Innovative Industrial Properties and have suffered a loss, you can click here to contact us. You can also reach Kaplan Fox by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
Deadline Notice: If you are a member of the proposed class, you may move the court before March 18, 2025 to serve as the lead plaintiff for the proposed class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
Innovative Industrial Properties operates as a real estate investment trust (REIT) focused on acquiring, owning and managing unique properties for state-licensed operators of regulated medical service cannabis facilities.
In the year As of December 20, 2024, Innovative Industrial Properties Pharmacan Inc. has properties in Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. In addition, the company announced that December rent, including base rent, property management fees, and taxes and insurance fees, totaled $4.2 million for these six properties.
On this news, Industrial Properties’ stock price fell $21.68 per share, more than 22%, to close at $73.66 per share on December 20, 2024.
The Complaint alleges that during the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose, (i) that Industrial Properties was experiencing significant reductions in rent and property management fees in connection with certain customer leases, (ii) that the aforementioned Company’s cash from operations (FFO) ) and may affect the ability to maintain revenue growth. and (iii) accordingly, the leasing operations of the innovative industrial properties were less profitable than the Company had projected to the investors.
Why Find Kaplan Fox – Kaplan Fox is a leading national law firm specializing in complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With more than 50 years of experience in securities litigation, Kaplan Fox provides the professional experience and track record that clients demand. Litigating cases at the federal and state level, Kaplan Fox has successfully shaped the law on behalf of our clients, winning many landmark decisions. For more information about Kaplan Fox & Kilsheimer LLP, you can visit our website at www.kaplanfox.com.
This press release may be considered a solicitor’s notice in some jurisdictions under applicable laws and rules of conduct.
If you have any questions about this notice, your rights or interests, please contact:
Contact:
Pamela A. Mayer
KAPLAN FOX AND KILSHEIMER LLP
800 Third Street, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Lawrence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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