NORFOLK SOUTHERN SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Norfolk Southern Corporation – NSC
NEW ORLEANS, April 11, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 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.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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