Lineage is a Maryland REIT focused on temperature-controlled cold-storage facilities. In the July 2024 IPO, Lineage sold over 65 million shares of Lineage common stock to investors at $78 per share, raising more than $5 billion in gross offering proceeds.
The Lineage class action lawsuit alleges that the registration statement was false and/or misleading and/or failed to disclose that: (i) Lineage was then experiencing sustained weakening in customer demand, as additional cold-storage supply had come on line, Lineage’s customers destocked a glut of excessive inventory built up during the COVID-19 pandemic, and Lineage’s customers shifted to maintaining leaner cold-storage inventories on a go-forward basis in response to changed consumer trends; (ii) Lineage had implemented price increases in the lead-up to the IPO that could not be sustained in light of the weakening demand environment facing Lineage; (iii) Lineage was unable to effectively counteract the adverse trends listed above through the use of minimum storage guarantees or as a result of operational efficiencies, technological improvements, or its purported competitive advantages; (iv) as a result, rather than enjoying stable revenue growth, high occupancy rates, and steady rent escalation as represented in the registration statement, Lineage was in fact suffering from stagnant or falling revenue, occupancy rates, and rent prices; and (v) consequently, Lineage’s financial results, business operations, and prospects were materially impaired.
Since the IPO, the price of Lineage stock has fallen to lows near $40 per share. The price of Lineage stock has remained substantially below the IPO price at the time of the filing of the complaint.
On January 29, 2026, the Court appointed the Public Employees’ Retirement System of Mississippi and the Indiana Public Retirement System as Lead Plaintiff and Saxena White P.A. as Co-Lead Counsel. Lead Plaintiff is due to file the consolidated amended complaint by March 30, 2026.
