An investigation on behalf of current long term investors in Norfolk Southern Corporation (NYSE:NSC) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 06/09/2023 -- Certain directors of Norfolk Southern Corporation are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in Norfolk Southern Corporation (NYSE: NSC) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NYSE: NSC stocks follows a lawsuit filed against Norfolk Southern Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: NSC stocks, concerns whether certain Norfolk Southern Corporation directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges thatthe defendants made false and/or misleading statements and/or failed to disclose that Norfolk Southern's 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, that 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, that 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, that 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, that Norfolk Southern's lobbying efforts had undermined Norfolk Southern's ability to provide safe, efficient, and reliable rail transportation services, that 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, that 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, and that 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.
Those who purchased shares of Norfolk Southern Corporation (NYSE: NSC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.