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About the Lawsuit
Innovative Industrial and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s focus is to be a cannabis company lender rather than a real estate investment trust (REIT); (ii) the true values of the Company’s properties are significantly lower than represented; (iii) the Company’s top customers experienced significant issues; (iv) as a result, its top customers may not be able to continue making payments to the Company and it would face significant issues replacing these customers; and (v) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
When the true details entered the market, the price of the Company’s shares fell, damaging investors.
The case is Mallozzi v. Innovative Industrial Properties, Inc., et al., No. 22-cv- 2359.
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