Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Norfolk Southern Corporation (NSC) on Behalf of Investors
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Norfolk Southern Corporation (“Norfolk Southern” or the “Company”) (NYSE: NSC) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Norfolk Southern investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Norfolk-Southern-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On February 3, 2023, after the market closed, a Norfolk Southern Railway Company (“NSR”) 149-car general merchandise freight train operated by three Norfolk Southern personnel derailed after a wheel bearing overheated and failed in East Palestine, Ohio, leaving behind a “mangled and charred mass of boxcars and flames.” The train was not classified as a hazardous material train, but was carrying several hazardous materials that subsequently ignited, causing damage to non-derailed railcars. On February 5, Ohio Governor Mike DeWine ordered the evacuation of those within a one-by-two mile area near the derailment due to 115,580 gallons of vinyl chloride in five of the derailed cars. The following day, on February 6, responders engaged in a controlled detonation and burn of the vinyl chloride, exposing surrounding areas to massive volumes of chemicals, including residential neighborhoods only 1,000 feet from the accident. Reports cited thousands of dead fish, chemical slicks in the water, and chemical odors around the site.
On this news, Norfolk Southern’s stock price fell $5.66, or 2.2%, to close at $246.46 per share on February 6, 2023.
Then, on February 8, 2023, Governor DeWine stated that Norfolk Southern “created the problem” and that it was “their liability,” asserting that the Company “ought to pay for it.” Upon returning to their homes after evacuation orders were lifted, many residents reported hazardous air quality and other health and environmental concerns.
On this news, Norfolk Southern’s stock price fell $7.64, or 3.1%, to close at $238.98 per share on February 9, 2023.
On February 13, 2023, the EPA concluded that Norfolk Southern may be responsible for the cleanup costs of the derailment site or the costs incurred by the EPA area cleanups. On this news, Norfolk Southern’s stock price fell $7.33, or 3%, over the next two trading days, to close at $235.28 per share on February 14, 2023.
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