Are you an investor who has suffered losses in Innovative Industrial Properties (NYSE: IIP)? Well, Faruqi & Faruqi, LLP Securities Litigation Partner, James (Josh) Wilson wants to talk to you. If you bought or obtained securities in Innovative Industrial Properties between February 27, 2024, and December 19, 2024, it’s time to explore your legal options. Feel free to reach out to Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) for a confidential discussion.
In New York City, Faruqi & Faruqi, LLP, a renowned national securities law firm, is delving into potential claims against Innovative Industrial Properties, Inc. (IIPR) (NYSE: IIPR). Investors have until March 18, 2025, to seek the lead plaintiff role in a federal securities class action filed against the Company.
Let’s delve into the details:
- Faruqi & Faruqi is a distinguished national securities law firm, known for its successful litigations.
- Allegations suggest that IIPR and its executives breached federal securities laws through false statements and omissions about rental declines and profit loss.
- IIPR’s formal results for the third quarter of 2024 unveiled missed estimates and rental revenue drops, leading to a dramatic stock price plunge.
Following the distressing news, IIPR faced further challenges as PharmaCann defaulted on rent payments for numerous properties, intensifying investor concerns.
Here’s what happened next:
- Six properties faced defaults, causing a $4.2 million rent lapse.
- While PharmaCann managed to cover rent for the remaining five properties, cross-default pressures mounted, leading to further financial turmoil.
- Consequently, IIPR’s stock price witnessed a significant drop, rattling the investor community.
The legal procedure is now underway, with the court-appointed lead plaintiff spearheading the cause. Investors must make a choice regarding their involvement in the litigation to secure a possible recovery.
Faruqi & Faruqi, LLP extends its call to anyone with information on Innovative Industrial Properties’ practices to come forward, including whistleblowers, former employees, and shareholders. Stay tuned for updates on LinkedIn, X, or Facebook.
In conclusion, every investor has a stake in this legal battle, and your participation can shape the outcome. The time to act is now, for the pursuit of justice and favorable resolutions in this securities class action.
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