Popular on s4story
- The Future of Hiring Is Asynchronous According to Survey of 200 Jobseekers
- Green Office Partner Ranked #1 on Crain's 2024 List of Best Places to Work in Chicago
- The Ripple Effect Arts, has launched its latest product, Organic Wild Yam Cream, capitalizing on the company's recent viral success on TikTok
- Thyroid Cancer Survivor Releases Illustrated Book About Grief During Thyroid Cancer Awareness Month
- Celebrating Grandparents Day with Bill Withers' Timeless Tribute: Grandma's Hands
- A conversation with renowned sociologist Boaventura de Sousa Santos on his five decade career
- Phinge's Plan to Save Free Speech and Give Everyone the Right to Personal Privacy and Ownership and Monetization of Their Online Data and Content
- Anthony Mitchell Former Lead Of Samson And Delilah Releases Memoir
- Frank Metayer Appointed as Commissioner to the City of Chula Vista's Board of Appeals and Advisors
- BIZCATALYST 360° Captures Prestigious Award
Similar on s4story
- Scout & Cellar Becomes First Winery in Texas to Receive B Corp Certification
- CRH Healthcare Acquires Four Urgent Care Clinics in Georgia
- Superior Thin Film Solar Panel Advancements Open Great Opportunities in the Rapidly Developing Aerospace and Related Sectors: Stock Symbol: ASTI
- Allegiant Management Group Launches New Website Following Recent Rebranding
- L-Strategies LLC terminates Angie Wong Miami Republican Committeewoman's contract with New Federal State of China NFSC
- Use Bitcoin to Earn Bitcoin - Innovative Layer 2 Solution for Bitcoin
- T&S Communications at the 25th China International Optoelectronic Exposition (CIOE)
- Leading Arizona Real Estate Team Rebrands to SPACE, Marking a New Era in Real Estate Innovation
- Office Calgary Inc has Partnered with RingCentral to provide Telecommunications Systems
- Trade Meter AI Featured on StartUpers Podcast's Pilot Episode: A Deep Dive into the Future of AI-Powered Stock Analysis
NORFOLK SOUTHERN CORPORATION CLASS ACTION NOTICE: Kessler Topaz Meltzer & Check, LLP Reminds Norfolk Southern Corporation (NSC) Shareholders of Securities Fraud Class Action Lawsuit and Encourages Investors with Substantial Losses to Contact the Firm
S For Story/10580185
RADNOR, Pa., March 24, 2023 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Norfolk Southern Corporation ("Norfolk Southern") (NYSE: NSC). The action charges Norfolk Southern with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Norfolk Southern's materially misleading statements and omissions to the public, Norfolk Southern's investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR NORFOLK SOUTHERN LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/norfolk-southern-corporation?utm_source=PR&utm_medium=link&utm_campaign=nsc&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: MAY 15, 2023
CLASS PERIOD: OCTOBER 28, 2020 THROUGH MARCH 3, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at [email protected]
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
NORFOLK SOUTHERN'S ALLEGED MISCONDUCT
For several years leading up to the beginning of the Class Period, Norfolk Southern took a number of measures which put profits and executive compensation over safety. For example, in October 2018, Norfolk Southern adopted "Precision Scheduled Railroading" or "PSR" which was purportedly aimed at producing better service at a lower cost. In actuality, the company sought to increase revenues by cutting operating costs including reducing staff, running fewer, heavier, faster trains and optimizing the company's networks in order to increase efficiency. Norfolk Southern also began tying executive compensation to achieving PSR goals. For example, in 2021, multiple Norfolk Southern executives received millions of dollars in cash bonuses for reducing costs by achieving "record performance for train length and weight." Industry critics have warned that this type of compensation system incentivizes executives to cut costs at the expense of safety and also leads to longer and more dangerous trains which "have greater damage done, greater, larger pileups, fires and so on." At the same time, Norfolk Southern and its lobbyists played a key role in defeating an Obama-era safety rule that was used following a number of oil train accidents, including the "ECP Brake Rule" which was ultimately repealed in 2018.
More on S For Story
On February 3, 2023, a Norfolk Southern Railway Company general merchandise freight train 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. Following this news, the price of Norfolk Southern stock fell on February 6, 2023 – down $5.66 per share from its closing price on Friday, February 3, 2023.
Then, on February 8, 2023, after lifting a previously issued evacuation order, Ohio Governor Mike DeWine stated that Norfolk Southern 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. Following this news, the price of Norfolk Southern stock fell on February 9, 2023, closing at $238.98 per share – down $7.64 per share from its closing price of $246.62 per share on February 8, 2023.
Thereafter, Norfolk Southern's stock price continued to drop in response to several other reports and public officials who spoke out about Norfolk Southern's liability for all of the harm and damage it had caused.
On March 4, 2023, another Norfolk Southern freight train derailed near Springfield, Ohio. Two days later, on March 6, 2023, Norfolk Southern announced a 6-part plan to improve operational safety. Following this news, the price of Norfolk Southern stock fell again on March 6 and March 7, 2023, closing at $215.18 per share – down $13.21 per share from its closing price of $228.39 on Friday, March 3, 2023.
WHAT CAN I DO?
Norfolk Southern investors may, no later than May 15, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Norfolk Southern investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Norfolk Southern, captioned Bucks County Employees Retirement System v. Norfolk Southern Corporation, et al. and docketed under 23-cv-0982, is filed in the United States District Court for Southern District of Ohio (Eastern Division) before the Honorable Michael H. Watson.
More on S For Story
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
CLICK HERE TO SUBMIT YOUR NORFOLK SOUTHERN LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/norfolk-southern-corporation?utm_source=PR&utm_medium=link&utm_campaign=nsc&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: MAY 15, 2023
CLASS PERIOD: OCTOBER 28, 2020 THROUGH MARCH 3, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at [email protected]
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
NORFOLK SOUTHERN'S ALLEGED MISCONDUCT
For several years leading up to the beginning of the Class Period, Norfolk Southern took a number of measures which put profits and executive compensation over safety. For example, in October 2018, Norfolk Southern adopted "Precision Scheduled Railroading" or "PSR" which was purportedly aimed at producing better service at a lower cost. In actuality, the company sought to increase revenues by cutting operating costs including reducing staff, running fewer, heavier, faster trains and optimizing the company's networks in order to increase efficiency. Norfolk Southern also began tying executive compensation to achieving PSR goals. For example, in 2021, multiple Norfolk Southern executives received millions of dollars in cash bonuses for reducing costs by achieving "record performance for train length and weight." Industry critics have warned that this type of compensation system incentivizes executives to cut costs at the expense of safety and also leads to longer and more dangerous trains which "have greater damage done, greater, larger pileups, fires and so on." At the same time, Norfolk Southern and its lobbyists played a key role in defeating an Obama-era safety rule that was used following a number of oil train accidents, including the "ECP Brake Rule" which was ultimately repealed in 2018.
More on S For Story
- Thorn and The Eye of Shalizar: Thorn Book 2 by Chad Lynch
- eCaregivers Launches First-Ever Consumer-Driven Senior Care Platform for Private-Pay Home Care Offering Affordable, Full-Service Agency Experience
- Celebrity Baker Event: Rose Levy Beranbaum Celebrates 35th Anniversary Edition of "The Cake Bible
- Sidow Sobrino's My Amir in the Running for GRAMMY® Nominations
- Minnesota Author's New Book Lets the Women of the Bible Show Us How Leadership Is Done
On February 3, 2023, a Norfolk Southern Railway Company general merchandise freight train 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. Following this news, the price of Norfolk Southern stock fell on February 6, 2023 – down $5.66 per share from its closing price on Friday, February 3, 2023.
Then, on February 8, 2023, after lifting a previously issued evacuation order, Ohio Governor Mike DeWine stated that Norfolk Southern 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. Following this news, the price of Norfolk Southern stock fell on February 9, 2023, closing at $238.98 per share – down $7.64 per share from its closing price of $246.62 per share on February 8, 2023.
Thereafter, Norfolk Southern's stock price continued to drop in response to several other reports and public officials who spoke out about Norfolk Southern's liability for all of the harm and damage it had caused.
On March 4, 2023, another Norfolk Southern freight train derailed near Springfield, Ohio. Two days later, on March 6, 2023, Norfolk Southern announced a 6-part plan to improve operational safety. Following this news, the price of Norfolk Southern stock fell again on March 6 and March 7, 2023, closing at $215.18 per share – down $13.21 per share from its closing price of $228.39 on Friday, March 3, 2023.
WHAT CAN I DO?
Norfolk Southern investors may, no later than May 15, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Norfolk Southern investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Norfolk Southern, captioned Bucks County Employees Retirement System v. Norfolk Southern Corporation, et al. and docketed under 23-cv-0982, is filed in the United States District Court for Southern District of Ohio (Eastern Division) before the Honorable Michael H. Watson.
More on S For Story
- Lindsay Bartholomew's New Children's Book Celebrates Love, Diversity and Adventure
- Reliance Aerotech Inc. Announces Appointment Of Ron Jordan To Chief Strategy Officer
- Stop Fighting, Start Living. Daryl Dittmer's New Book Offers Roadmap to Personal Power
- A Paige Works Officially Launches in 2024
- BTR: Understanding the Critical 2FA Vulnerability in QR Code Enrollment Processes Uncovered by Silent Sector – Lauro Chavez
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
0 Comments
Latest on S For Story
- The Ultimate Guide to Buying Historic Luxury Homes in Winter Park, FL Now Available
- A newly revised work of historical fiction makes compelling argument for alcohol justice
- And The Winner Is: Special Request Ft Rey T (AKA) Reynard Thomas
- Jeff Elder Announces the Release of His New Short Story, Christmastime on the Beach
- Allegiant Management Group Launches New Website Following Recent Rebranding
- Explore New Bonds and Adventures in "Bob and Fluffy's First Adventure" - Available Now!
- Celebrating 30 Years: 2024 Diversity Visa Lottery Opens Oct. 2, Offering Life-Changing Opportunities for U.S. Immigration
- Quidax Launches $125,000 Crypto Innovation Pitch, Partners with Moonshot for TC Battlefield
- Wagoner Roofing Launches New Website
- L-Strategies LLC terminates Angie Wong Miami Republican Committeewoman's contract with New Federal State of China NFSC
- Sara Abbas Excites Global Listeners With Much-Anticipated Viral Release Of New Single "Love You From A Distance"
- Southern Paranormal Author Anne Schlea Releases 8th Book in time for Halloween
- Horion M6APro Series IFPs Achieves Google EDLA Certification
- How to Get a Handicap Placard in California: Simplifying the Process for Disabled Drivers HandicapMD.com Offers Easy Online Certification for Disabled
- Use Bitcoin to Earn Bitcoin - Innovative Layer 2 Solution for Bitcoin
- Dr Joy Dental Clinic Recognized as a Superbrand for 2024
- Wordeee Publishes My Mother, My Champion by Lorna Mae Johnson
- Wordeee Publishes A Hoopster's Journey: The Carey Scurry Story
- T&S Communications at the 25th China International Optoelectronic Exposition (CIOE)
- Author Shines Light on Diversity and Workplace Culture in New Book