SAN DIEGO, June 22, 2015 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/trinity/) today announced that a
class action has been commenced in the United States District Court
for the Northern District of Texas
on behalf of purchasers of Trinity Industries, Inc. ("Trinity")
(NYSE:TRN) publicly traded securities during the period between
February 16, 2012 and April 29, 2015 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from April 28,
2015. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Darren Robbins of Robbins
Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this class, you can
view a copy of the complaint as filed or join this class action
online at http://www.rgrdlaw.com/cases/trinity/. Any member
of the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
The complaint charges Trinity and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Trinity manufacturers transportation, construction and
industrial products.
The complaint alleges that during the Class Period, defendants
made false and misleading statements and/or failed to disclose
adverse information regarding Trinity's business and prospects, and
specifically about the safety of its highway guardrail
systems. As a result of these false and misleading statements
and/or omissions, Trinity securities traded at artificially
inflated prices during the Class Period, with its stock price
reaching a high of over $50 per
share.
On April 21, 2015, an article was
published on Bloomberg News, stating that the U.S. Justice
Department ("DOJ") was conducting a criminal investigation into the
Federal Highway Administration's continued support of Trinity's
highway guardrail system and that the Company had engaged in
cost-cutting alterations to its ET-Plus System guardrails, which
compromised the safety of the units, which were linked to at least
eight deaths. As a result of this news, the price of Trinity
stock fell $3.43 per share to close
at $32.82 per share on April 22, 2015, a one-day decline of over
9%. Subsequently, on April 24,
2015, Trinity confirmed that it was the target of a DOJ
investigation. On this news, the price of Trinity stock fell
$4.66 per share, to close at
$28.70 per share, a one-day decline
of nearly 14%.
Then, 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." As a result of
this news, the price of Trinity stock dropped another $0.98 per share to close at $27.09 per share on April
30, 2015, a one-day decline of 3.5%.
Plaintiff seeks to recover damages on behalf of all purchasers
of Trinity publicly traded securities during the Class Period (the
"Class"). The plaintiff is represented by Robbins Geller,
which has extensive experience in prosecuting investor class
actions including actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S.
and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained
many of the largest securities class action recoveries in history
and was ranked first in both the amount and number of shareholder
class action recoveries in ISS's SCAS Top 50 report for
2014. Please visit http://www.rgrdlaw.com/cases/trinity/ for
more information.
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SOURCE Robbins Geller Rudman & Dowd LLP