NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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.
What You May Do
If you purchased shares of Norfolk and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-nsc/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by May 15, 2023.
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 Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.