Shares of Trinity Industries Inc. (TRN) were down nearly 3% in pre-market trading Wednesday, after a Bloomberg report suggested “the U.S. Justice Department is conducting a criminal investigation into the use of a highway guardrail system linked to at least eight deaths.”
The publication said that in March of this year Trinity’s embattled ET-Plus system, a product meant to blunt the impact of cars that crash headlong into guardrails, met all crash test criteria by the Federal Highway Administration [FHWA] — the government agency responsible for certifying which road safety products are eligible for federal reimbursement — and that federal investigators are interviewing potential witnesses about Trinity’s relationship with the FHWA.
Word of the inquiry comes weeks after Trinity appeared poised to move on from more than a year of scrutiny in courts and from states over the performance of its ET-Plus product.
TRN shares recently lost $1.23 to $35.02. In the past 52 weeks, shares of Dallas, Texas-based provider of various products and services for the energy, transportation, chemical, and construction sectors in the U.S. and internationally have traded between a low of $24.41 and a high of $50.77. Shares are up 3.05% year-over-year and 30.28% year-to-date.