NEW ORLEANS, May 1, 2015 /PRNewswire/ -- Former Attorney
General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law
firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has
commenced an investigation into Trinity Industries Inc. (NYSE:
TRN).
On October 20, 2014, a federal
jury found Trinity liable for hiding information from the U.S.
Federal Highway Administration over cost-cutting changes made to
the company's ET-Plus guardrail system, which consists of a flat
piece of steel at the front of the guardrail that is intended to
protect passengers in the event of a crash, and failing to properly
test units containing the modifications. Trinity faces $525 million in penalties.
Trinity is also named in at least 21 other lawsuits alleging
that its modified ET-Plus can lock up on impact, spearing cars
rather than slowing them as intended. The suits collectively link
the ET-Plus and at least eight deaths.
On December 12, 2014, Bloomberg
reported that, according to two guardrail industry professionals,
to address that allegedly lethal flaw, Trinity began making yet
another undisclosed version of the system.
Then, on April 21, 2015, Bloomberg
reported that the U.S. Justice Department is conducting a criminal
investigation into Trinity's ET-Plus system.
Following this news, various shareholders have brought lawsuits
against Trinity, alleging that the Company violated federal
securities laws.
KSF's investigation is focusing on whether Trinity's officers
and/or directors breached their fiduciary duties to Trinity's
shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its
investigation, or have been a long-term holder of Trinity shares
and would like to discuss your legal rights, you may, without
obligation or cost to you, call toll free at 1-877-515-1850 or
email KSF Managing Partner Lewis Kahn
(lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a
law firm focused on securities class action and shareholder
derivative litigation with offices in New
York, California and
Louisiana. KSF's lawyers have
significant experience litigating complex securities class actions
nationwide on behalf of both institutional and individual
shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC