SAN FRANCISCO, CA / ACCESSWIRE / March 22, 2023 / Hagens Berman urges Norfolk Southern Corporation (NYSE:NSC) investors who suffered substantial losses to submit your losses now.
Class Period: Oct. 8, 2020 - Mar. 3, 2023
Lead Plaintiff Deadline: May 15, 2023
Contact An Attorney Now: [email protected]
Norfolk Southern Corporation (NSC) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented and concealed material facts concerning Norfolk Southern's increased risk-taking at the expense of reasonable safety precautions due to the company's near-term focus on profits.
Specifically, the company invoked a plan to, among other things, use longer, heavier trains staffed by fewer personnel, which led to increased train derailments and the risk of future catastrophic events. The complaint also alleges that while failing to make proper capital expenditures in safety risk programs, the company concurrently lobbied for policies undermining its ability to provide safe, efficient, and reliable rail transportation services.
The complaint alleges that this undisclosed conduct made Norfolk Southern more susceptible to accidents that could seriously harm the company, its workers, its customers, third parties, and the environment.
The true facts began to emerge on Feb. 3, 2023, when a Norfolk Southern freight train derailed in East Palestine, Ohio. The derailed equipment included 11 tank cars carrying hazardous materials that subsequently ignited and required the immediate evacuation of those within a one-mile by two-mile area. According to regulators, the derailment was entirely preventable.
An additional revelation of Norfolk Southern's safety lapses occurred on Mar. 14, 2023, when another of its freight trains derailed near Springfield, Ohio.
"We're focused on investors' losses and proving Norfolk Southern put profits over safety," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Norfolk Southern and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Norfolk Southern should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP