RADNOR, Pa., Aug. 19, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against TriNet Group, Inc. (NYSE: TNET) ("TriNet" or the "Company") on behalf of purchasers of the Company's securities between May 5, 2014 and August 3, 2015, inclusive (the "Class Period").
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/trinet-group-inc.
TriNet shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
TriNet is a provider of a human resources solution for small to medium-sized businesses.
The complaint alleges that TriNet and certain of its senior executive officers issued a series of materially false and misleading statements about the Company's financial condition and future outlook to investors. Specifically, the complaint alleges that the defendants knew or deliberately disregarded, and failed to disclose, that: (a) the Company's processes and methodologies for analyzing and accruing claims failed to properly account for historical claims trends; (b) the Company's forecasting process failed to properly incorporate relevant historical and current claims trends; (c) the Company was experiencing growing claims trends in medical and workers compensation that negatively affected the company's current and future business prospects; and (d) in light of the above, the Company's publicly stated financial outlook did not have a reasonable basis.
The complaint alleges that on March 3, 2015, TriNet announced disappointing fourth quarter fiscal 2014 financial results as a result of an increase in large medical claims. On this news, shares of TriNet's stock declined $3.95 per share, or over 10%, to close on March 4, 2015 at $33.93 per share.
On May 5, 2015, TriNet announced its first quarter fiscal 2015 financial results, which missed quarterly expectations due to a higher than expected workers compensation cost. On this news, shares of TriNet's stock declined an additional $5.67 per share, or over 16 percent, to close on May 6, 2015 at $28.76 per share.
Finally, on August 3, 2015, TriNet announced its second quarter fiscal 2015 financial results. Those quarterly results missed both revenue and earnings per share estimates by a wide margin due to an increase in high-volume medical claims. On this news, shares of TriNet's stock declined an additional $10.36 per share, or over 38%, to close on August 4, 2015 at $16.33 per share.
Members of the class may, no later than October 6, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported 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.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT: Kessler Topaz Meltzer & Check, LLP Darren J. Check, Esq. D. Seamus Kaskela, Esq. Adrienne O. Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299 - 7706 (610) 667 - 7706 email@example.com
SOURCE Kessler Topaz Meltzer & Check, LLP