Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Trinity Industries, Inc. -- TRN
May 04 2015 - 7:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the Northern
District of Texas on behalf of all persons or entities that
purchased the securities of Trinity Industries, Inc. (“Trinity” or
the “Company”) (NYSE:TRN) between February 16, 2012 and April 21,
2015, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
The Complaint alleges that throughout the Class
Period, defendants made materially false and/or misleading
statements and/or failed to disclose that: (1) Trinity made certain
cost-cutting changes to its ET-Plus guardrails without telling the
Federal Highway Administration ("FHWA"), the government agency that
certifies the safety of roadside hardware; (2) the safety of the
guardrails was compromised as a result of the changes; (3) the
crash tests on Trinity’s products may have been flawed; and (4)
Trinity faces civil and criminal liabilities as a result.
The Complaint also alleges that as a result of the
foregoing, Defendants’ statements about Trinity’s business
operations were false and misleading because, among other things,
the Company’s liabilities were understated and its financial
projections were overstated.
After the market closed on April 21, 2015, an
article published on Bloomberg stated that the U.S. Justice
Department is investigating the Federal Highway Agency’s support of
Trinity’s highway guardrail system. On this news, Trinity
shares declined $3.43 per share, over 9%, to close at $32.82 per
share on April 22, 2015. On April 24, 2015, the Company
confirmed the initiation of the federal investigation in a
conference call with investors. On this news, Trinity shares
declined an additional $4.66 per share, or 14%, to close at $28.70
per share on April 24, 2015 on heavy trading volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than June 29 2015. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. If you wish to
join the litigation, or to discuss your rights or interests
regarding this class action, please contact Thomas J. McKenna, Esq.
or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at
(212) 983-1300, or via e-mail at tjmckenna@gme-law.com or
gegleston@gme-law.com.
This press release may be considered Attorney
Advertising in some jurisdictions under the applicable law and
ethical rules.
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