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Cannabis REIT Industrial Properties Being Sued Again For Lack Of Due Diligence And Misleading Investors
Cannabis REIT Industrial Properties Being Sued Again For Lack Of Due Diligence And Misleading Investors
Investor Ross Weintraub is suing cannabis REIT Innovative Industrial Properties Inc (NYSE:IIPR) over failed due diligence in its Kings Garden investment.
The plaintiff claims IIP failed to be truthful to investors about its business dealings with Kings Garden, writes Green Market Report's Debra Borchardt.
In January, another shareholder group sued IIP over failed due diligence in its Kings Garden investment. Those plaintiffs said IIP misled investors, was incompetent and broke securities laws.
What Happened
According to the complaint, IIP repeatedly informed its investors that it conducted due diligence on all its business partners. However, when issues were raised regarding Kings Garden by third-party entities, IIP maintained that the company was not problematic.
The lawsuit filed in Maryland by Weintraub points out a report by Blue Orca Capital, which revealed that Michael King, associated with Kings Garden, had a history of fraud and theft allegations, as well as litigation. The report was available as early as 2019 before IIP entered into a contract with Kings Garden.
"The Report detailed that IIPR had purchased properties at far higher prices than the sellers they entered into sale-leaseback transactions had paid for the properties and that by recording the fair value of the properties as the purchase price, IIPR was hiding its true financial condition by overvaluing its assets," per the complaint.
According to Weintraub, IIP disputed the accuracy of the Blue Orca report, claiming it contained false and misleading information, and continued to support Kings Garden and Michael King.
However, in July 2022, IIP changed its stance and announced that Kings Garden had not paid its rent for July 2022 under any of its leases.
The complaint alleges that IIPR filed a lawsuit against Kings Garden, King, and affiliated parties, citing fraud, theft and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). "In that lawsuit, IIPR acknowledged it never did a thorough investigation of Kings Garden or King. In fact, IIPR did not even do a rudimentary background check on King."
More details here at Green Market Report.
Benzinga's Cannabis Capital Conference Is Back
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don't miss out. Secure your tickets now as prices will go up very soon.
Image Credits: JRByron, WilliamCho by Pixabay Edited By Benzinga
Investor Ross Weintraub is suing cannabis REIT Innovative Industrial Properties Inc (NYSE:IIPR) over failed due diligence in its Kings Garden investment.
投資者羅斯·溫特勞布 正在起訴大麻 REIT 創新工業地產公司(紐約證交所代碼:IIPR)因其景園投資中的盡職調查失敗。
The plaintiff claims IIP failed to be truthful to investors about its business dealings with Kings Garden, writes Green Market Report's Debra Borchardt.
原告聲稱國際投資者對其與國王花園的業務往來沒有誠實,綠色市場報告的 Debra Borchardt 寫道。
In January, another shareholder group sued IIP over failed due diligence in its Kings Garden investment. Those plaintiffs said IIP misled investors, was incompetent and broke securities laws.
1 月份,另一個股東集團因其景園投資的盡職調查失敗而起訴國際投資者。那些原告說,國際投資者誤導了投資者,是無能的,違反了證券法律。
What Happened
發生了什麼
According to the complaint, IIP repeatedly informed its investors that it conducted due diligence on all its business partners. However, when issues were raised regarding Kings Garden by third-party entities, IIP maintained that the company was not problematic.
根據投訴,國際投資者多次通知其投資者,其對所有業務合作夥伴進行了盡職調查。但是,當第三方實體提出有關國王花園的問題時,IIP 認為該公司沒有問題。
The lawsuit filed in Maryland by Weintraub points out a report by Blue Orca Capital, which revealed that Michael King, associated with Kings Garden, had a history of fraud and theft allegations, as well as litigation. The report was available as early as 2019 before IIP entered into a contract with Kings Garden.
Weintraub 在馬里蘭州提起的訴訟指出藍色逆戟鯨資本的一份報告, 其中透露,邁克爾·金, 與國王花園有關, 有欺詐和盜竊指控的歷史, 以及訴訟.該報告早在 2019 年 IIP 與國王花園簽訂合同之前提供。
"The Report detailed that IIPR had purchased properties at far higher prices than the sellers they entered into sale-leaseback transactions had paid for the properties and that by recording the fair value of the properties as the purchase price, IIPR was hiding its true financial condition by overvaluing its assets," per the complaint.
「該報告詳細說明,IIPR 以遠高於他們進行售後回租交易的賣家購買物業的價格,並且通過記錄物業的公允價值作為購買價格,IIPR 通過超估其資產來隱藏其真實的財務狀況,」根據投訴。
According to Weintraub, IIP disputed the accuracy of the Blue Orca report, claiming it contained false and misleading information, and continued to support Kings Garden and Michael King.
根據溫特勞布的說法,IIP 對藍色逆戟鯨報告的準確性提出異議,聲稱其中包含虛假和誤導性信息,並繼續支持國王花園和邁克爾·金。
However, in July 2022, IIP changed its stance and announced that Kings Garden had not paid its rent for July 2022 under any of its leases.
但是,在 2022 年 7 月,國際投資組織改變了立場,並宣布國王花園在 2022 年 7 月根據其任何租賃尚未支付租金。
The complaint alleges that IIPR filed a lawsuit against Kings Garden, King, and affiliated parties, citing fraud, theft and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). "In that lawsuit, IIPR acknowledged it never did a thorough investigation of Kings Garden or King. In fact, IIPR did not even do a rudimentary background check on King."
該投訴指稱,IIPR 對國王花園,國王和附屬方提起訴訟,理由是欺詐,盜竊和違反了《Recketeer 影響和腐敗組織法》(RICO)。「在這起訴訟中,IIPR 承認它從未對國王花園或國王進行徹底調查。事實上,IIPR 甚至沒有對國王進行基本的背景調查。」
More details here at Green Market Report.
更多詳情請參閱綠色市場報告。
Benzinga's Cannabis Capital Conference Is Back
本辛加的大麻資本會議又回來了
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don't miss out. Secure your tickets now as prices will go up very soon.
世界上最成功的大麻商業活動 Beninga 大麻資本會議將返回邁阿密參加第 16 版。這是交易完成的地方,在那裡籌集資金,併購開始,公司會見投資者和主要合作夥伴。加入我們在佛羅里達州楓丹白露邁阿密海灘酒店 4 月 11 日至 12 日。不要錯過。立即保護您的門票,因為價格很快就會上漲。
Image Credits: JRByron, WilliamCho by Pixabay Edited By Benzinga
圖片來源:JrByron,威廉姆喬由皮克斯拜編輯由本辛加
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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