SAN FRANCISCO, May 12, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors with losses over $50,000 of the June 29, 2015 lead plaintiff deadline in a class action lawsuit filed against Trinity Industries, Inc. (NYSE:TRN) (“Trinity Industries” or “the Company”). The suit is pending in U.S. District Court for the Northern District of Texas, and investors who purchased Trinity Industries securities between February 16, 2012 and April 23, 2015, (the “Class Period”) have until June 29, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class. If your losses are less than $50,000, you are still eligible to be a member of the class.
If you have significant losses in Trinity Industries securities during the Class Period you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing TRN@hbsslaw.com or visiting http://hb-securities.com/investigations/TRN. No class has been certified in this case.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that Trinity Industries changed certain dimensions of its highway safety rail systems without telling the Federal Highway Administration (“FHWA”), the government agency that certifies the safety of roadside hardware.
On October 12, 2014 articles featured in The New York Times reported that at least three states had banned the use of guardrail heads manufactured by Trinity, and that the State of Virginia threatened to remove guardrails sold by Trinity Industries unless it performed additional safety tests. On October 20, 2014, a jury found that Trinity Industries deliberately withheld information from the FHWA about cost-saving changes to its highway guardrail system, which made it more dangerous, ruling the company defrauded the government by $175 million. 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.
Then on April 22, 2015, an article published by Bloomberg News reported that Trinity Industries 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.
“Throughout the Class Period, Trinity insiders benefited at the expense of shareholders,” said Hagens Berman partner Reed Kathrein. “Worse, their failure to disclose the truth about their product put members of the public in danger.”
If you were negatively impacted over $50,000 by your investment in Trinity Industries securities between February 16, 2012 and April 23, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Trinity Industries should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email TRN@hbsslaw.com.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.
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