NEW YORK CITY, NY / ACCESSWIRE / November 16, 2024 / Pomerantz LLP is investigating claims on behalf of investors of CSX Corporation ("CSX" or the "Company") (NASDAQ:CSX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether CSX and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 5, 2024, CSX announced that it had "identified misstatements between the balance sheet and operating expense in previously issued financial statements" after the Company "completed a review of the accounting treatment for engineering scrap and certain engineering support labor." Then, on October 17, 2024, CSX disclosed receipt of a subpoena from the Enforcement Division of the U.S. Securities and Exchange Commission ("SEC") requesting information relating to, among other things, the Company's previously disclosed accounting restatement. The Company further disclosed that "it has also been responding to information requests by the SEC related to certain of the Company's non-financial performance metrics."
On this news, CSX's stock price fell $2.38 per share, or 6.71%, to close at $33.09 per share on October 17, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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