NEW YORK, Aug. 14, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all purchasers of TriNet Group, Inc. (NYSE:TNET) securities from May 5, 2014 and August 3, 2015, inclusive (the “Class Period”). Shareholders of TriNet Group, Inc. with losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
The filed Complaint alleges that during the Class Period, defendants made false and misleading statements and/or 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; and (c) the Company was experiencing growing claims trends in medical and workers compensation that negatively affected the Company's current and future business prospects.
On August 3, 2015, after the market close, TriNet issued a press release reporting a second-quarter loss of $1.3 million, after reporting a profit in the same period a year earlier. The Company also reported earnings per share of $0.14, greatly missing Wall Street analyst expectations of $0.27 per share. Burton Goldfield, TriNet CEO, attributed these results to a higher than usual number of large medical claims and stated the Company needed to address the volatility and visibility of these large claims.
Following this news, the price of TriNet common stock fell 38%, or $10.36 per share, to close at $16.33 per share on August 4, 2015.
If you purchased TriNet Group, Inc. securities during the period from May 5, 2014 and August 3, 2015, inclusive, you may, no later than October 6, 2015, request that the Court appoint you lead plaintiff of the proposed class.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “TriNet Investigation.”
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