An investigation on behalf of current long term investors in Trinity Industries Inc (NYSE:TRN shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:TRN stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/03/2015 -- An investigation on behalf of current long-term investors in shares of Trinity Industries Inc (NYSE:TRN) was announced concerning potential breaches of fiduciary duties by certain Trinity Industries directors and officers.
Investors who are current long term investors in Trinity Industries Inc (NYSE:TRN shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:TRN stocks follows a lawsuit filed recently against Trinity Industries Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:TRN stocks, concerns whether certain Trinity Industries officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Texas the plaintiff alleges that Trinity Industries Inc. 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 that as a result of the foregoing, Trinity Industries Inc'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 Industries Inc.
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 Industries Inc unless it performed additional safety tests.
Then on October 20, 2014, a federal jury found Trinity Industries Inc liable for hiding information from the U.S. government over modifications made to Company's ET-Plus guardrail systems.. The jury said those violations caused the U.S. government to incur $175 million in damages, making Trinity Industries Inc potentially liable for three times that amount in liability payments. Additionally, several other states have prohibited further purchases of the guardrail system citing safety concerns.
On December 12, 2014, a news outlet reported that, according to two guardrail industry professionals Trinity Industries Inc allegedly began making yet another undisclosed version of the guardrail systems. Shares of Trinity Industries Inc (NYSE:TRN) declined from $50.30 per share in September 2014 to as low as $24.41 per share on January 14, 2015.
On March 11, 2015, it was reported that federal officials released a survey of potentially dangerous guardrails and said that they found no evidence that the guardrails had been quietly changed to make them safer after accusations that earlier changes had made them less safe.
On March 13, 2015, Trinity Industries Inc announced that the ET Plus System has passed all eight Federl highway Administration requested crash tests.
However, on April 20, 2015, a report stated that "the U.S. Justice Department is conducting a criminal investigation into the use of a highway guardrail system linked to at least eight deaths, according to people familiar with the matter, signaling a new wave of potential woes for manufacturer Trinity Industries Inc." Shares of Trinity Industries Inc (NYSE:TRN) declined to as low as $26.72 per share on April 30, 2015.
Those who purchased shares of Trinity Industries Inc (NYSE:TRN) have certain options and should contact the Shareholders Foundation.
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