On Wednesday, Trinity Industries Inc (NYSE:TRN)’s shares inclined 1.30% to $29.61.
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.
Mastercard Inc (NYSE:MA)’s shares gained 2.20% to $94.12.
Mastercard Inc (MA) declared the results of its annual meeting of stockholders, held yesterday at the company’s worldwide headquarters.
At the meeting:
- The full slate of 13 directors was elected for a one-year term, to expire at the next annual meeting of stockholders
- The compensation for MasterCard’s executive officers was approved on an advisory basis
- MasterCard’s Amended and Restated Senior Executive Annual Incentive Plan was approved
- The appointment of PricewaterhouseCoopers, LLP as the company’s independent registered public accounting firm for 2015 was ratified
MasterCard’s Board of Directors also declared a cash dividend of $0.16 per share, payable on August 10, 2015, to holders of record of its Class A common stock and Class B common stock as of July 9, 2015.
MasterCard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company facilitates the processing of payment transactions, counting authorization, clearing, and settlement, in addition to delivers related products and services. It also offers value-added services, such as loyalty and reward programs, and information and consulting services.
At the end of Wednesday’s trade, Penn Virginia Corporation (NYSE:PVA)‘s shares dipped -2.43% to $4.41.
Penn Virginia Corporation (PVA) which has witnessed a noteworthy price decline in the past four weeks, and it has seen negative earnings estimate revisions for the current quarter and the current year. A Zacks Rank #5 (Strong Sell) further confirms weakness in PVA.
A key reason for this move has been the negative trend in earnings estimate revisions. For the full year, we have seen 4 estimates moving down in the past 30 days, contrast with no upward revisions. This trend has caused the consensus estimate to trend lower, going from a loss of $1.48 a share a month ago to its current level of a loss of $2.10.
Also, for the current quarter, Penn Virginia has seen 2 downward estimate revisions as compared to no revisions in the opposite direction, dragging the consensus estimate down to a loss of 51 cents a share from a loss of 32 cents over the past 30 days.
The stock also has seen some pretty dismal trading lately, as the share price has dropped 21.9% in the past month.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States.
Blackstone Group LP (NYSE:BX), ended its Wednesday’s trading session with 1.99% gain, and closed at $42.01.
Blackstone Group LP (BX)’s Jonathan Gray brought Wells Fargo & Co. into the $23 billion deal to purchase General Electric Co.’s commercial real estate loan portfolio, according to Timothy Sloan, the bank’s head of wholesale banking.
As part of the agreement reached in April, Blackstone will acquire GE’s U.S. real estate holdings, in addition to certain European properties and commercial mortgages in Mexico and Australia. Wells Fargo will buy performing mortgages on commercial real estate in the U.S., U.K. and Canada.
Wells Fargo mobilized hundreds of employees to comb through loans quickly, Sloan said. As the deal moves toward completion, the loans are performing better than predictable, he said.
The bank would like to acquire similar portfolios from GE or others, he said.
The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations. The firm manages separate client focused portfolios.
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