New York, New York, May 20, 2022 (Newsfile Corp via COMTEX) -- New York, New York--(Newsfile Corp. - May 20, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Innovative Industrial Properties, Inc. ("IIPR" or the "Company") /zigman2/quotes/208038978/composite IIPR -0.79% . Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether IIPR and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 14, 2022, Blue Orca Capital ("Blue Orca") published a short report on IIPR, which it described as "a marijuana bank masquerading as a REIT." The Blue Orca reported asserted, among other things, that "[i]n the last 17 months . . . IIPR's loan book appears to have degraded significantly as the sector has become more competitive and IIPR stretched for lower quality tenants in search of continuing growth", that "IIPR's largest tenant is a failed SPAC that appears to be in severe financial distress and was recently sued by investors", and that "[u]nlike with other REITs, IIPR cannot expect to recover the lost income from defaulting tenants because it appears that the actual values of its properties are substantially below their carrying 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com .
Robert S. Willoughby
888-476-6529 ext. 9980
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