Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Trinity Industries, Inc.
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 [email protected]. 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
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