STEVENSON, Md., May 4, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of Trinity Industries Inc. (“Trinity” or the “Company”) (NYSE:TRN) securities during the period between February 16, 2012 and April 21, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 29, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Trinity securities purchased on or after February 16, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Trinity changed certain dimensions of the ET-Plus guardrail system in 2005 without telling the Federal Highway Administration, the government agency that certifies the safety of roadside hardware.
According to the complaint, following an October 12, 2014 article in the New York Times, reporting that at least three states had banned the use of guardrail heads manufactured by Trinity, an October 14, 2014 New York Times article reporting that the State of Virginia threatened to remove guardrails sold by Trinity unless it performed additional safety tests, an October 20, 2014 jury determination 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 as a result of a whistleblower lawsuit 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, and an April 22, 2015 Bloomberg News reporting that Trinity was at the center of a Federal Criminal Probe, the value of Trinity shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.