Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against TriNet Group, Inc.
August 10, 2015
Bernstein Liebhard LLP today alerts investors that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers (the “Class”) of common stock of TriNet Group, Inc. (“TriNet” or the “Company”) (NYSE: TNET) during the period of May 5, 2014 and August 3, 2015 (the “Class Period”) alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The 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.
Plaintiffs seek to recover damages on behalf of all Class members who invested in TriNet common stock during the Class Period. If you invested in TriNet common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 6, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a TriNet shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.