On Friday, Trinity Industries Inc (NYSE:TRN)’s shares inclined 0.52% to $30.20.
Trinity Industries Inc (TRN) declared that the United States District Court for the Eastern District of Texas, Marshall Division, has entered judgment in the federal False Claims Act (the “Act”) case filed against the Company by Joshua Harman involving the ET Plus® System (“ET Plus”). Trinity Highway Products, LLC manufactures the ET Plus following exclusive licensing granted by the Texas A&M University System. The judgment was predictable after post-verdict, court-ordered mediation failed to resolve the numerous legal issues involved.
In October 2014, a jury awarded $175.0 million in damages in this case which alleged certain violations of the Act. Under the Act, the award is automatically trebled to $525.0 million. In addition, the District Court imposed civil penalties in the amount of $138.4 million and awarded attorney’s fees, expenses and costs to the relator in the amount of $19.0 million. The amount of the total judgment is $682.4 million. To appeal the case, the Company may be required to post a supersedeas bond that could equal the amount of the judgment entered plus interest, which the Company anticipates to obtain on an unsecured basis.
The Company believes the evidence clearly shows that no fraud was committed. Trinity also believes that the trial court made noteworthy errors in applying the federal law to Mr. Harman’s allegations and, therefore, the judgment is erroneous and should be reversed in its entirety. Trinity intends to file certain post-judgment motions and, depending upon the District Court’s rulings on those motions, to appeal to the United States Court of Appeals for the Fifth Circuit.
Trinity Industries, Inc. provides various products and services for the energy, transportation, chemical, and construction sectors in the United States and internationally. Its Rail Group segment offers railcars, counting autorack, box, covered hopper, gondola, intermodal, tank, and open hopper cars; and couplers, axles, and other equipment, in addition to railcar maintenance services. This segment serves railroads, leasing companies, and industrial shippers of various products.
L Brands Inc (NYSE:LB)’s shares dropped -0.01% to $84.68.
L Brands Inc (LB) stated net sales raised 5% to $799.1 million for the four weeks ended May 30, 2015, contrast to net sales of $763.6 million for the four weeks ended May 31, 2014. Comparable store sales for the four weeks ended May 30, 2015, raised 5%.
The company stated net sales of $3.311 billion for the 17 weeks ended May 30, 2015, an enhance of 5% contrast to sales of $3.155 billion for the 17 weeks ended May 31, 2014. Comparable store sales for the 17 weeks ended May 30, 2015, raised 5%.
L Brands, Inc. operates as a specialty retailer of womens intimate and other apparel, beauty and personal care products, and accessories. The company operates in three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Its products comprise loungewear, bras, panties, sleepwear, swimwear, athletic attire, fragrances, shower gels and lotions, aromatherapy, soaps and sanitizers, home fragrances, handbags, jewelry, and personal care accessories.
At the end of Friday’s trade, Netflix, Inc. (NASDAQ:NFL)‘s shares dipped -0.71% to $660.93.
Netflix, Inc. (NFLX) shareholders on Tuesday approved a massive enhance in the number of shares the company is authorized to issue, the first step toward a possible stock split.
The video-streaming service won approval to raise its share authorization by nearly 30 times to 5 billion from 170 million.
The company is the top performer on the Nasdaq 100 (.NDX) this year, with shares nearly doubling to close at $647.15 on Tuesday. Its shares touched a record high of $645.54 during trading.
Netflix has been focusing on international expansion as growth slows in the United States, where it has reshaped TV viewing habits since it was first launched in 2007.
Shareholders also approved non-binding proposals to elect board members annually, to require a simple majority vote for all measures, and to enhance the ability of investors to nominate directors.
Netflix, Inc., an Internet television network, engages in the Internet delivery of TV shows and movies directly on TVs, computers, and mobile devices in the United States and internationally. The company operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD. It also provides DVDs-by-mail membership services.
Autodesk, Inc. (NASDAQ:ADSK), ended its Friday’s trading session with -0.77% loss, and closed at $54.06.
Autodesk, Inc. (ADSK) declared the pricing of two series of its notes in an aggregate principal amount of $750 million in an underwritten, registered public offering. Of these notes, $450 million will mature on June 15, 2020 and will bear interest at an annual rate of 3.125 percent, and $300 million will mature on June 15, 2025 and will bear interest at an annual rate of 4.375 percent. The offering is predictable to close on June 5, 2015, subject to customary closing conditions.
Autodesk intends to use the net proceeds from the sale of the notes for general corporate purposes, counting working capital, capital expenditures, acquisitions and planned transactions and stock repurchases.
Autodesk, Inc. operates as a design software and services company worldwide. The company’s Architecture, Engineering and Construction segment offers Autodesk Building Design Suites to manage various phases of design and construction; Autodesk Revit products that provide model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD Civil 3D products that offer a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software, which offers direct access to data needed for infrastructure planning, design, and administration.
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