NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Innovative Industrial Properties, Inc. (NYSE: IIPR).
On April 14, 2022, Blue Orca Capital reported that Michael King, co-founder and CEO of one of the Company’s largest tenants, Kings Garden, Inc., had a history of fraud and theft allegations, name changes, and litigation, and that this information was available to the Company from early 2019, before it ever contracted with Kings Garden. The Company, which had previously touted its extensive background checks on prospective tenants/operators, subsequently denied the Blue Orca report in its entirety, praising King as having “one of the best reputations for product quality and consistency.” Then, in August 2022, the Company disclosed that it had filed a civil lawsuit against Kings Garden, Michael King, and related parties, alleging fraud, theft, and RICO violations.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains pending.
KSF’s investigation is focusing on whether Innovative’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Innovative shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-iipr/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163