WAYNE, Pa., April 24, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Trinity Industries Inc. ("Trinity" or the "Company") (NYSE: TRN).
The investigation concerns whether Trinity and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and/or breached their fiduciary duties to the Trinity's shareholders.
Trinity is a diversified industrial company that owns market-leading businesses providing products and services to the energy, transportation, chemical, and construction sectors. Among the products produced by Trinity is the ET-Plus guardrail system, which has been linked to at least eight deaths because of its allegedly faulty design.
On April 21, 2015, Bloomberg Business published a report revealing that Trinity was being investigated by the U.S. Department of Justice for potentially bribing or otherwise corrupting the Federal Highway Administration's investigations into the safety of the ET-Plus guardrail system. It is also reported that agents from the Boston offices of the FBI have been interviewing potential witnesses and have subpoenaed documents related to the Company's allegedly unlawful activities.
On this news, shares of Trinity fell $3.43 per share, or over 9%, to close at $32.82 per share on April 22, 2015. This represented a one day loss in market capitalization of over $500 million, and since the announcement of the Department of Justice investigation, the stock has traded as low as $31.55.
If you own Trinity shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/trn. You may also email Mr. Maniskas at [email protected]. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.