Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of Michigan on behalf of shareholders of Lineage, Inc. (NasdaqGS: LINE), if they purchased the Company’s shares pursuant and/or traceable to the Company’s July 2024 initial public offering (the “IPO”).
Lineage and certain of its executives and others are charged with failing to disclose material information in its IPO Registration Statement and Prospectus (collectively, the “Offering Documents”), violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that the lingering effects of the COVID-19 pandemic had “accelerated trends that had a marked short-term impact on cold storage demand and have the potential to be growth engines for the industry in coming years” after the IPO; however, in truth, the Company was experiencing a sustained downturn, as its customers not only destocked excessive inventory built up during the COVID-19 pandemic, but also shifted to the maintenance of leaner inventories on a go-forward basis and as more cold-storage supply came on line, with Lineage suffering particularly negative effects in terms of occupancy rates and pricing power due to its recent imposition of unsustainable price increases amongst its customer base.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 30, 2025 to request that the court appoint them lead plaintiff.