According to the lawsuit, the registration statement was false and/or misleading and/or failed to disclose that:
- 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;
- 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;
- 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;
- 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
- consequently, Lineage’s financial results, business operations, and prospects were materially impaired.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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