22 Apr, 2015, 05:35 ET
NEW YORK, April 22, 2015 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether Trinity Industries, Inc. ("Trinity" or the "Company") (NYSE: TRN) issued materially false and misleading statements to investors in violation of the federal securities laws.
Trinity is a diversified industrial company that owns a variety of market-leading businesses providing products and services to the energy, transportation, chemical, and construction sector. Trinity's ET-Plus guardrail system has been implicated in several roadside injuries and deaths. Reports of at least eight deaths connected to Trinity's guardrail led to multiple investigations into the safety of the system, including crash tests conducted by the Federal Highway Administration ("FHWA").
On April 21, 2015, the market learned that Trinity was being investigated for potentially bribing or otherwise corrupting the FHWA inquiry into the safety of the ET-Plus system. According to a report published by Bloomberg News, "federal investigators are interviewing potential witnesses about issues including Trinity's relationship with the FHWA [and] [i]nvestigators from a public corruption and special prosecutions unit of the Justice Department have subpoenaed documents from court battles involving Trinity's ET-Plus on behalf of a grand jury." After this news, shares of Trinity fell almost 10% in intra-day trading.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
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Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
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