| COMPANY |
Norfolk Southern Corporation |
| COURT |
United States District Court for the Northern District of Georgia |
| CASE NUMBER |
23-cv-04175 |
| JUDGE |
The Hon. Steven D. Grimberg |
| CLASS PERIOD |
October 28, 2020 and March 3, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Norfolk Southern Corporation (“NSC”) (NYSE: NSC) common stock between October 28, 2020 and March 3, 2023, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) NSC’s PSR, including its use of longer, heavier trains staffed by fewer personnel, had led to NSC suffering increased train derailments and a materially increased risk of future derailments; (2) NSC’s PSR was part of a culture of increased risk-taking at the expense of reasonable safety precautions due to NSC’s near-term focus solely on profits; (3) NSC’s PSR rendered NSC more vulnerable to train derailments and train derailments with potentially more severe human, financial, legal, and environmental consequences; (4) NSC’s capital spending and replacement programs were designed to prioritize profits over NSC’s ability to provide safe, efficient, and reliable rail transportation services; (5) NSC’s lobbying efforts had undermined NSC’s ability to provide safe, efficient, and reliable rail transportation services; (6) NSC’s commitment to reducing operating expenses as part of its PSR goals undermined worker safety and NSC’s purported “commitment to an injury-free workplace” because NSC’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 and acoustic sensors; (7) NSC’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 NSC, its workers, its customers, third parties, and the environment; and (8) NSC 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 NSC train carrying hazardous and toxic materials.
Current Status of Case:
On February 26, 2024, the Court granted the Motion to Appoint Counsel and Co-Lead Plaintiffs. Co-Lead Plaintiffs filed a Consolidated Amended Complaint on April 25, 2024. On June 24, 2024, Defendants filed a Motion to Dismiss the Amended Complaint. This Motion is currently being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.