NEW YORK – January 25, 2025 (NEWMEDIAWIRE) – Kaplan Fox & Kilsheimer LLP pronounces {that a} class motion lawsuit has been filed towards Progressive Industrial Properties (NYSE:), Inc. (Progressive Industrial Properties or the Firm) (NYSE: IIPR) on behalf of traders that bought or in any other case acquired Industrial Properties securities between February 27, 2024 and December 19, 2024 (the Class Interval).
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If you’re an investor in Progressive Industrial Properties and have suffered losses, you could CLICK HERE to contact us. You may additionally contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you’re a member of the proposed Class, you could transfer the court docket no later than March 18, 2025 to function a lead plaintiff for the purported class. You probably have losses we encourage you to contact us to study extra concerning the lead plaintiff course of.
Progressive Industrial Properties operates as an actual property funding belief (REIT) targeted on the acquisition, possession, and administration of specialised properties leased to state licensed operators for his or her regulated medical-use hashish services.
On December 20, 2024, Progressive Industrial Properties issued a press launch reporting that PharmaCann Inc., a tenant for eleven properties that Progressive Industrial Properties owns, defaulted on its obligations to pay lease for the month of December beneath six of its eleven leases, for properties in Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania. Moreover, the Firm acknowledged that December lease, together with base lease, property administration charges and estimated tax and insurance coverage funds, totaled $4.2 million for these six properties.
On this information, the worth of Industrial Properties inventory fell $21.68 per share, over 22%, to shut at $73.66 per share on December 20, 2024.
The criticism alleges that, all through the Class Interval, Defendants made materially false and/or deceptive statements and/or did not disclose that, (i) Industrial Properties was experiencing important declines in lease and property-management charges in reference to sure buyer leases; (ii) the foregoing would possible impair the Firm’s potential to take care of funds from operations (FFO) and income progress; and (iii) accordingly, Progressive Industrial Properties leasing operations have been much less worthwhile than the Firm had represented to traders.
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This press launch could also be thought-about Legal professional Promoting in some jurisdictions beneath the relevant legislation and moral guidelines.
You probably have any questions on this Discover, your rights, or your pursuits, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, thirty eighth Ground
New York, New York 10022
(646) 315-9003
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Avenue, Suite 1560
Oakland, California 94612
(415) 772-4704
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