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Innovative Industrial Properties, Inc.

Company NameInnovative Industrial Properties, Inc.
Stock SymbolIIPR
Class PeriodMay 07, 2020 to April 13, 2022
Lead Plaintiff Motion DeadlineJune 24, 2022

On April 14, 2022, before market hours, Blue Orca Capital released a report alleging, among other things, that Innovative Industrial Properties is “a marijuana bank masquerading as a [real estate investment trust (“REIT”)],” and that the Company’s model is “to conduct sale-leaseback transactions with cannabis producers who are otherwise prohibited from borrowing money because of federal regulations.”

On this news, the Company’s stock fell $13.76, or 7.5%, to close at $169.68 per share on April 14, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s focus is to be a cannabis company lender rather than a real estate investment trust; (2) that the true values of the Company’s properties are significantly lower than Innovative Industrial Properties represents; (3) existential issues in its top customers; (4) that as a result, its top customers may not be able to continue making payments to the Company, which would face significant issues replacing these customers; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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