IIPR INVESTOR ALERT
Robbins Geller Rudman & Dowd LLP Announces that Innovative Industrial Properties, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Innovative Industrial Properties, Inc. (NYSE: IIPR) securities between February 27, 2024 and December 19, 2024, both dates inclusive (the “Class Period”), have until March 18, 2025 to seek appointment as lead plaintiff of the Innovative Industrial Properties class action lawsuit. Captioned Giraudon v. Innovative Industrial Properties, Inc., No. 25-cv-00182 (D. Md.), the Innovative Industrial Properties class action lawsuit charges Innovative Industrial Properties and certain of Innovative Industrial Properties’ top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Innovative Industrial Properties class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-innovative-industrial-properties-class-a ...
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership, and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
The Innovative Industrial Properties class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Innovative Industrial Properties was experiencing significant declines in rent and property-management fees in connection with certain customer leases; (ii) the foregoing would likely impair Innovative Industrial Properties’ ability to maintain funds from operations (“FFO”) and revenue growth; and (iii) accordingly, Innovative Industrial Properties’ leasing operations were less profitable than Innovative Industrial Properties had represented to investors.
The Innovative Industrial Properties class action lawsuit further alleges that on November 6, 2024, Innovative Industrial Properties reported its third quarter of 2024 financial results, disclosing normalized FFO per share of $2.02, missing the consensus estimate of $2.03 and declining from $2.09 in the same period in 2023, and revenue of $76.5 million, missing the consensus estimate of $77.5 million and declining from $77.8 million in the same period in 2023. The complaint alleges that Innovative Industrial Properties stated that the year-over-year decrease was due to a $3.0 million decline in contractual rent and property management fees in the third quarter related to properties that Innovative Industrial Properties regained possession of since June 2023; a decline of $1.3 million due to rent received but not recognized in rental revenues resulting from the re-classifications of two sales-type leases beginning January 1, 2024; and $1.3 million of contractually due rent and property management fees that were not collected during the current quarter. On this news, the price of Innovative Industrial Properties stock fell more than 10%, according to the complaint.