Lawsuit Alleges Negligence Caused Fire That Destroyed Cold-Storage Facility
LINE sits 20% above its 52-week low of $31.33.
Summary
A lawsuit filed in Los Angeles Superior Court alleges that negligence by Altus and Pearce caused a fire that destroyed a cold-storage facility. The suit names Lineage as a defendant, exposing the company to potential liability for property damage and business interruption. The lawsuit alleges that Altus and Pearce disregarded Lineage's written safety directives and re-energized a defective rooftop solar array, causing the Boyle Heights fire. This is the first report of the litigation, and the outcome could have a material financial impact depending on damages sought and insurance coverage. The case will likely hinge on proving causation and breach of duty by the named parties.
At the time of this announcement, LINE was trading at $37.45 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $8.5B. The 52-week trading range was $31.33 to $45.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.