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HomeInsurance LawIIPR DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Buyers {that a}...

IIPR DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Buyers {that a} Class Motion Lawsuit Has Been Filed Towards Progressive Industrial Properties, Inc. and Encourages Buyers to Contact the Agency – Lawyer Month-to-month


NEW YORK–(BUSINESS WIRE)–#Motion–Bragar Eagel & Squire, P.C., a nationally acknowledged stockholder rights regulation agency, reminds buyers {that a} class motion lawsuit has been filed in opposition to Progressive Industrial Properties, Inc. (“Progressive Industrial” or the “Firm”) (NYSE: IIPR) in the US District Court docket for the District of New Jersey on behalf of all individuals and entities who bought or in any other case acquired Progressive Industrial securities between Could 7, 2020 and April 13, 2022, each dates inclusive (the “Class Interval”). Buyers have till June 24, 2022 to use to the Court docket to be appointed as lead plaintiff within the lawsuit.

Click on right here to take part within the motion.

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 rules.” The report additional famous that “[u]nlike with different REITs, IIPR can’t count on to get well 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 steadiness 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.

In keeping with the grievance, in the course of the class interval, defendants touted its rigorous underwriting requirements and intensive expertise within the hashish business. Additionally they said 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 quite than a REIT. Additional, Progressive Industrial Properties’ high clients could not have the ability to proceed making funds and the Firm would face vital points changing these clients.

In the event you bought or in any other case acquired Progressive Industrial shares and suffered a loss, are a long-term stockholder, have info, wish to study extra about these claims, or have any questions regarding this announcement or your rights or pursuits with respect to those issues, please contact Brandon Walker or Alexandra Raymond by e mail at investigations@bespc.com, phone at (212) 355-4648, or by filling out this contact type. There isn’t any value or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally acknowledged regulation agency with places of work in New York, California, and South Carolina. The agency represents particular person and institutional buyers in industrial, securities, by-product, and different complicated litigation in state and federal courts throughout the nation. For extra details about the agency, please go to www.bespc.com. Lawyer promoting. Prior outcomes don’t assure related outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Alexandra B. Raymond, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com



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