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Norfolk Southern Corp (NSC) "Trains Derail" Case
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- Norfolk Southern (NSC) trains derailed several times, causing multiple damages.
- The National Transportation Safety Board is investigating.
- $NSC lost over $1B of its market capitalization, injuring shareholders.
- Investors suspect Norfolk Southern and its Leaders of negligence.
On March 4, 2023, the Norfolk Southern (NSC) cargo train derailed close to Springfield, Ohio, causing 28 of the train's 212 cars to come off the tracks. The National Transportation Safety Board reacted by announcing that an investigation would commence.
As a result of this announcement, Norfolk Southern's (NSC) stock price dropped by 2.6%, damaging investors.
Earlier, on February 3, 2023, in East Palestine, Ohio, a Norfolk Southern (NSC) train derailed, causing the release of hazardous materials and flammable liquids, and leading to the controlled burning of toxic substances. This incident resulted in the evacuation of residents from the surrounding area. As a consequence, Norfolk Southern is facing multiple lawsuits and investigations from regulators and affected parties.
Subsequently, the NSC stock price significantly decreased and the Company lost over $1B of its market capitalization, injuring shareholders.
Taking multiple cases into account, Investors have reasons to suspect the Company and its Leaders of negligence and breach of fiduciary duties.
Failure to Disclose,
Shock Event Date
04 March 2023
16 March 2023
Hon. Steven D. Grimberg
30 August 2023
$NSC case-related News:
- Attorneys representing Norfolk Southern Corp. are urging a federal judge to block plaintiffs, including property owners affected by the East Palestine derailment, from subpoenaing a third-party consultant.
- The lawsuits, totaling 31, accuse $NSC of preventable negligence leading to the derailment and its severe health and environmental consequences.
- Norfolk Southern is also confronted with a combined lawsuit from the Ohio Attorney General’s Office, U.S. Justice Department, and Environmental Protection Agency.
20 September 2023
$NSC Case Update:
- The securities class action, alleging Norfolk Southern's failure to disclose increased train derailment risks before the February East Palestine, Ohio, accident, moved from Ohio to Georgia.
- This shift is due to Georgia being the headquarters location for $NSC and where key witnesses are situated.
25 September 2023
- A federal judge in New York appointed Labaton Sucharow LLP as the lead counsel to represent a proposed class of investors who are bringing a lawsuit against Norfolk Southern Corp. and several prominent financial firms.
- The investors allege that $NSC made exaggerated claims regarding its safety measures prior to a train derailment in East Palestine, Ohio.