SAN DIEGO–(BUSINESS WIRE)–Shareholder rights regulation agency Robbins LLP is investigating Revolutionary Industrial Properties, Inc. (NYSE: IIPR) and its officers and administrators to find out whether or not they breached their fiduciary duties and violated securities legal guidelines in reference to the Firm’s underwriting insurance policies. Revolutionary Industrial Properties purports to be an internally-managed actual property funding belief (“REIT”) centered on the acquisition, possession, and administration of specialised industrial properties leased to skilled, state-licensed operators of their regulated state-licensed hashish services.
If you want extra details about our investigation of Revolutionary Industrial Properties, Inc.’s misconduct, click on here.
What is that this Case About: In line with a criticism filed in opposition to Revolutionary Industrial Properties, throughout the class interval, defendants touted its rigorous underwriting requirements and in depth expertise within the hashish business. In addition they acknowledged that the Firm’s group and operations qualify it to be taxed as a REIT for U.S federal revenue tax functions. However, defendants didn’t disclose that the worth of the Firm’s properties are considerably decrease than represented and that the Firm’s focus is to be a hashish firm lender reasonably than a REIT. Additional, Revolutionary Industrial Properties’ prime prospects could not have the ability to proceed making funds and the Firm would face vital points changing these prospects.
On April 14, 2022, market researcher Blue Orca Capital launched a report describing the Firm as “a marijuana financial institution masquerading as a REIT. IIPR’s mannequin is to conduct sale-leaseback transactions with hashish producers who’re in any other case prohibited from borrowing cash due to federal laws.” The report additional famous that “[u]nlike with different REITs, IIPR can not count on to get better the misplaced revenue from defaulting tenants as a result of it seems that the precise worth of its properties are considerably under their carrying worth on the IIPR’s stability sheet.”
On this information, the Firm’s share value fell $13.76 per share, or 7.5%, to shut at $169.68 per share on April 14, 2022.
Subsequent Steps: Should you acquired shares of Revolutionary Industrial Properties, Inc. (IIPR) between Might 7, 2020 and April 13, 2022, you might have authorized choices. Contact us for extra details about your authorized rights.
All illustration is on a contingency price foundation. Shareholders pay no charges or bills.
Contact us to be taught extra:
Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form
About Robbins LLP: A acknowledged chief in shareholder rights litigation, the attorneys and employees of Robbins LLP have been devoted to serving to shareholders get better losses, enhance company governance buildings, and maintain firm executives accountable for his or her wrongdoing since 2002. To be notified if a category motion in opposition to Revolutionary Industrial Properties, Inc. settles or to obtain free alerts when company executives have interaction in wrongdoing, join Stock Watch right now.
Legal professional Promoting. Previous outcomes don’t assure the same final result.