Scott+Scott Appointed Lead Counsel in Securities Class Action Against Innovative Industrial Properties, Inc.
NEW YORK — Scott+Scott today was appointed Plaintiff Lead Counsel in a securities class action against Innovative Industrial Properties, Inc. brought on behalf investors, including our client City of Birmingham Retirement and Relief System that the Court also named Lead Plaintiff.
“Birmingham has suffered the largest loss,” Chief United States District Judge George L. Russell, III of the District Court of Maryland noted in his order. “The exhibits submitted in support of Birmingham’s selection demonstrates that Scott + Scott has significant experience prosecuting securities cases of this nature,” he added.
According to the lawsuit, the defendant, a real estate investment trust, between February 27, 2024 and December 19, 2024, violated federal securities laws by making misleading statements about its financial health and growth prospects. As a result, Innovative Industrial Properties’ share price plummeted causing significant financial harm to the plaintiffs.
“We are deeply grateful for Judge George L. Russell, III appointing us as Plaintiff Lead Counsel in this case. As stated in our complaint, Innovative Industrial Properties caused significant financial harm to our client and we look forward to bringing this case on behalf of the City of Birmingham Retirement and Relief System, which was also named Lead Plaintiff,” Scott+Scott Partner Thomas Laughlin said.