NEW YORK, June 23, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Innovative Industrial Properties, Inc. (“IIPR” or the “Company”) (:IIPR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether IIPR and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On April 14, 2022, Blue Orca Capital (“Blue Orca”) released a brief report on IIPR, which it described as “a marijuana bank masquerading as a REIT.” The Blue Orca report stated, among other things, that “[i]n the last 17 months . . . IIPR’s loan portfolio appears to have deteriorated significantly as the industry has become more competitive and IIPR has struggled to find lower quality tenants looking for continued growth,” that “IIPR’s largest tenant is a failing SPAC which appears to be in serious financial difficulty and has recently been sued. by investors”, and that “[u]As with other REITs, IIPR cannot expect to recover lost revenue from defaulting tenants as it appears that the actual values of its properties are significantly lower than their book value on IIPR’s balance sheet.
On this news, IIPR’s stock price fell $13.76, or 7.50%, to close at $169.68 per share on April 15, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980