TRINITY INVESTORS: Lieff Cabraser Announces Class Action Litigation Against Trinity Industries, Inc. - TRN
27 May 2015 - 7:12AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of investors who purchased or otherwise acquired the securities of
Trinity Industries, Inc. (“Trinity” or the “Company”) (NYSE:TRN)
between February 16, 2012 and April 29, 2015, inclusive (the “Class
Period”).
If you purchased or otherwise acquired Trinity securities during
the Class Period, you may move the Court for appointment as lead
plaintiff by no later than June 29, 2015. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Trinity investors who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Trinity Securities Class
Litigation
The actions charge Trinity and certain of its officers with
violations of sections 10(b) and 20(a) of the Securities Exchange
Act of 1934. Trinity is a Dallas, Texas-based manufacturer of
industrial, construction, and transportation products.
The actions allege that defendants made false and/or misleading
statements and/or failed to disclose that Trinity made design
changes to its ET-Plus guardrails in 2005 installed on highways
throughout the United States without notifying the Federal Highway
Administration (the “FHWA”), the government agency that certified
the safety of the guardrails and determined their eligibility for
federal-aid reimbursement.
On October 12, 2014, The New York Times reported that at least
three states had banned further installation of Trinity’s ET Plus
guardrails due to safety concerns following cost-saving changes
Trinity secretly made in 2005 that allegedly caused some guardrail
heads to malfunction and, in essence, turned the rails into spears
when hit by a vehicle instead of cushioning the blow as they were
expected to do. Following this news, on October 13, 2014, Trinity
stock fell $2.07 per share, or 5.9%. On October 14, 2014, the Times
reported that the State of Virginia threatened to ban Trinity
guardrails unless the company performed additional safety tests.
Trinity’s stock price fell another $0.53 per share, or 1.5%, on
this news.
On October 20, 2014, a jury in a whistleblower law suit against
Trinity found that the company deliberately withheld information
from the federal government about the changes made to the ET Plus
guardrail system and that Trinity defrauded the government out of
$175 million. On this news, the price of Trinity stock fell $4.45
per share, or 12.3%.
On October 24, 2014, Trinity announced that it would stop
shipments of its ET Plus guardrails until additional crash testing
is complete. Following this announcement, Trinity stock fell $0.46
per share, or 1.2%.
On April 22, 2015, Bloomberg News reported that the U.S.
Department of Justice (the “DOJ”) had launched a criminal
investigation into the use of ET Plus guardrails linked to at least
eight deaths. On this news, Trinity stock fell $3.43 per share, or
approximately 9.4%. On April 24, 2015, Trinity confirmed that it
was the target of a DOJ investigation. Trinity’s stock fell another
$4.66, or 14%, on this news.
On April 29, 2015, Bloomberg News reported that Trinity had
received a subpoena from the DOJ regarding “its allegedly defective
guardrail safety system” and that the DOJ sought “documents from
1999 and later regarding Trinity’s guardrail end terminals[.]” On
this news, Trinity’s stock fell $0.98, or 3.49%, on heavy trading
volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for eleven years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs' bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have also
named Lieff Cabraser as a “Law Firm of the Year” each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150526006256/en/
Source/Contact for Media Inquiries
Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M.
Lee, 1-800-541-7358
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