BENSALEM, Pa., April 11, 2023 /PRNewswire/ — Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Norfolk Southern Corporation (“Norfolk Southern” or the “Company”) (NYSE: NSC).
Class Period: October 28, 2020 – March 3, 2023
Lead Plaintiff Deadline: May 15, 2023
Investors suffering losses on their Norfolk Southern investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Norfolk Southern’s Precision Scheduled Railroading (“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; (2) 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; (3) 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; (4) 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; (5) Norfolk Southern’s lobbying efforts had undermined Norfolk Southern’s ability to provide safe, efficient, and reliable rail transportation services; (6) 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; (7) 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; (8) 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; and (9) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
SOURCE Law Offices of Howard G. Smith
