City of St. Clair Shores Police and Fire Retirement System v. Lineage, Inc.

On January 29, 2026, Labaton Keller Sucharow was appointed Co-Lead Counsel in a securities class action against Lineage, Inc. (Lineage) relating to Lineage’s initial public offering (IPO)—the largest public offering of 2024—which raised more than $5 billion in gross proceeds.  Lineage is a Real Estate Investment Trust (REIT) that services the food supply chain through the ownership and operation of a global network of temperature-controlled storage facilities.  The action is pending before the Honorable Denise Page Hood in the U.S. District Court for the Eastern District of Michigan, Southern Division.

On July 24, 2024, Lineage commenced its IPO, selling over 65 million shares of its common stock at $78 per share.  However, the price of Lineage’s common stock plummeted shortly thereafter, trading near $40 per share by August 2025.

The action alleges the offering documents that Lineage filed with the SEC in connection with its IPO—including the registration statement and prospectus—violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933.  In particular, the action alleges that Lineage made materially false and misleading statements or omissions relating to consumer demand for its warehousing services.

The case is City of St. Clair Shores Police and Fire Retirement System v. Lineage, Inc., No. 25-12383 (E.D. Mich.).  Labaton Keller Sucharow represents Public Employees’ Retirement System of Mississippi and Indiana Public Retirement System.