NEW YORK, May 29, 2015 /PRNewswire/ -- 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 29, 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 [email protected] 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
SOURCE Pomerantz LLP