SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Trinity Industries Inc. of ...
May 15 2015 - 2:34PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Trinity Industries Inc. (“Trinity” or the “Company”)
(NYSE:TRN) and certain of its officers. The class
action, filed in United States District Court, Northern District of
Texas, and docketed under 15-cv-01304, is on behalf of a class
consisting of all persons or entities who purchased Trinity
securities between February 16, 2012 and April 21, 2015, inclusive
(the “Class Period”). This class action seeks to recover
damages against Defendants for alleged violations of the federal
securities laws under the Securities Exchange Act of 1934 (the
“Exchange Act”).
If you are a shareholder who purchased Trinity
securities during the Class Period, you have until June 26, 2015 to
ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, x237. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number, and
number of shares purchased.
Trinity manufactures transportation,
construction, and industrial products. The Company's products
include tank and freight railcars, inland hopper and tank barges,
highway guardrail and safety products, ready-mix concrete, and
other products.
The complaint alleges that throughout the Class
Period Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (1) Trinity changed
certain dimensions of the ET-Plus in 2005 without telling the
Federal Highway Administration (“FHWA”), the government agency that
certifies the safety of roadside hardware; and (2) as a result of
the foregoing, Trinity’s public statements were materially false
and misleading at all relevant times.
On October 12, 2014, an article was published in
the New York Times, reporting that at least three states had banned
the use of guardrail heads manufactured by Trinity. As a
result of this news, shares of Trinity fell $2.06, or 5.9%, on
unusually heavy volume, to close at $32.88 on October 13, 2014.
On October 14, 2014, after the close of trading,
the New York Times published an article reporting that the State of
Virginia threatened to remove guardrails sold by Trinity unless it
performed additional safety tests. As a result of this news,
shares of Trinity fell $0.53, or over 1.5%, on unusually heavy
volume, to close at $32.93 on October 15, 2014.
On October 20, 2014, a jury found that Trinity
deliberately withheld information from the U.S. about cost-saving
changes to its highway guardrail system which made it more
dangerous, ruling the company defrauded the government by $175
million. The verdict was the result of a whistleblower lawsuit,
brought by Joshua Harman, which claimed that Trinity made secret
design changes that transformed one of its products into a
potentially lethal highway hazard, falsely passing off the product
as eligible for federal funding. The same day, an article was
published by Bloomberg News, reporting on the jury’s verdict.
As a result of this news, shares of Trinity fell $4.42, or over
12.3%, on unusually heavy volume, to close at $31.42 on October 20,
2014.
On April 22, 2015, an article was published by
Bloomberg News, reporting that Trinity was at the center of a
Federal Criminal Probe. As a result of this news, shares of
Trinity fell $3.43, or over 9.4%, on unusually heavy volume, to
close at $32.82 on April 22, 2015.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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