NEW ORLEANS, April 21, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilMay 15, 2023 to file lead plaintiff applications in a securities class action lawsuit against Norfolk Southern Corporation (NYSE: NSC), if they purchased the Company's shares between October 28, 2020 and March 3, 2023, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Ohio.
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Norfolk Southern investors should visit us at https://claimsfiler.com/cases/nyse-nsc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Norfolk Southern and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that the Company's "Precision Scheduled Railroading" ("PSR") strategy designed to increase revenues and decrease operating costs through fewer personnel, longer trains, and less spending on safety training, technology, and equipment would be likely to result in the Company suffering increased train derailments and a materially increased risk of future derailments, and as a result of the above, the Company's statements regarding the safety of its operations were materially false and/or misleading.
The truth began to emerge on February 3, 2023, when a Norfolk Southern freight train, including 11 tank cars carrying hazardous materials, derailed in East Palestine, Ohio and subsequently ignited requiring the immediate evacuation of those within a one-two mile area. Then, on March 4, 2023, another Norfolk Southern freight train derailed near Springfield, Ohio.
On this news, shares of Norfolk Southern fell on March 6 and March 7, 2023, closing at $215.18 per share, down $13.21 from a closing price of $228.39 on March 3, 2023.
The case is Bucks County Employees Retirement System v. Norfolk Southern Corporation, et al., No. 23-cv-00982.
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