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Lawsuit filed for Investors who lost money with shares of Norfolk Southern Corporation (NYSE: NSC)

03-23-2023 04:32 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Norfolk Southern Corporation (NYSE: NSC) shares.

A lawsuit was filed on behalf of investors in Norfolk Southern Corporation (NYSE: NSC) shares.

An investor, who purchased shares of Norfolk Southern Corporation (NYSE: NSC), filed a lawsuit over alleged violations of Federal Securities Laws by Norfolk Southern Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Norfolk Southern Corporation (NYSE: NSC) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2023. NYSE: NSC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Atlanta, GA based Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. Norfolk Southern Corporation reported that its annual Total Revenue rose from over $11.14 billion in 2021 to over $12.74 billion in 2022, and that its Net Income increased from $3 billion in 2021 to over $3.27 billion in 2022.

On February 3, 2023, eastbound Norfolk Southern Railway Company general merchandise freight train 32N derailed 38 railcars in East Palestine, Ohio, leaving behind what the Associated Press called "a mangled and charred mass of boxcars and flames." The derailed equipment included 11 tank cars carrying hazardous materials that subsequently ignited, fueling fires that damaged an additional 12 non-derailed railcars.

On February 6, 2023, responders engaged in a controlled detonation and burn of the vinyl chloride, spewing massive volumes of chemicals into the vicinity. The chemicals released from the derailment entered the air and water of the surrounding residential areas, the closest of which were only 1,000 feet from the site of the accident.
Then, on February 8, 2023, after lifting a previously issued evacuation order, Ohio Governor Mike DeWine stated that Norfolk Southern Corporation was "the one[] who created the problem. It's their liability. They're the ones who ought to pay for it." Following their return, numerous residents reported hazardous air quality and other health and environmental concerns.

Thereafter, on February 13, 2023, the Environmental Protection Agency stated that it had concluded that Norfolk Southern may be responsible for the cleanup costs of the derailment site or the costs incurred by the EPA for area cleanup.

On February 15, 2023, reports emerged that Ohio Attorney General Dave Yost was considering taking legal action against Norfolk Southern over the derailment.

Finally, on March 6, 2023, Norfolk Southern Corporation announced a 6-part plan to improve operational safety that included, among other things, adding about 200 temperature sensors along its tracks where existing sensors are at least 15 miles apart, reviewing the temperature levels that set off alarms for train crews, and adding more acoustic sensors that analyze vibrations for potential problems.

Shares of Norfolk Southern Corporation (NYSE: NSC) declined from $260.20 per share on January 18, 2023, to as low as $202.40 per share.

The plaintiff claims that between October 28, 2020 and March 3, 2023, the defendants made false and/or misleading statements and/or failed to disclose that Norfolk Southern's PSR, including its use of longer, heavier trains staffed by fewer personnel, had led to Norfolk Southern suffering increased train derailments and a materially increased risk of future derailments, that Norfolk Southern's PSR was part of a culture of increased risk-taking at the expense of reasonable safety precautions due to Norfolk Southern's near-term focus solely on profits, that Norfolk Southern's PSR rendered Norfolk Southern more vulnerable to train derailments and train derailments with potentially more severe human, financial, legal, and environmental consequences, that Norfolk Southern's capital spending and replacement programs were designed to prioritize profits over Norfolk Southern's ability to provide safe, efficient, and reliable rail transportation services, that Norfolk Southern's lobbying efforts had undermined Norfolk Southern's ability to provide safe, efficient, and reliable rail transportation services, that Norfolk Southern's commitment to reducing operating expenses as part of its PSR goals undermined worker safety and Norfolk Southern's purported "commitment to an injury-free workplace" because Norfolk Southern's PSR plan prioritized reducing expenses through fewer personnel, longer trains, and less spending on safety training, technology, and equipment such as hot bearing wayside detectors (a/k/a "hotboxes") and acoustic sensors, that Norfolk Southern's rail services were, as a result of its adoption of PSR principles, more susceptible to accidents that could cause serious economic and bodily harm to Norfolk Southern, its workers, its customers, third parties, and the environment, and that Norfolk Southern had failed to put in place responsive practices and procedures to minimize the threat to communities in the event that these communities suffered the derailment of a Norfolk Southern train carrying hazardous and toxic materials.

Those who purchased shares of Norfolk Southern Corporation (NYSE: NSC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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