@SaalHardali it's suspected that this is so, but it's also suspected to be extremely subtle. this is Problem 16.2 in the Hovey-Strickland manuscript, where you'll find some discussion, and afaik there's been no progress on the question
theorem 15.1 referenced there is one of my favorite theorems in K(n)-local homotopy theory
(sorry: suspected that this is so after correcting for peter's objection and speaking of Z_p-modules instead of abelian groups)