Class Certified in Norfolk Southern Securities Fraud Case

On September 29, 2026, United States District Judge Steven D. Grimberg of the U.S. District Court for the Northern District of Georgia certified a nationwide class of investors in a securities fraud case against Norfolk Southern Corporation and certain former officers.

The case arises from defendants’ alleged material misrepresentations to the investing public beginning January 27, 2021, that Norfolk Southern was continuing to implement a new, profitable operating strategy without sacrificing safety. Starting in February 2023, however, government safety investigations and a series of related derailments – including the February 2023 East Palestine derailment and railcar detonations – allegedly revealed the truth that Norfolk Southern was sacrificing safety in pursuit of profits. Government inquiries further revealed that the company was focused “solely on profits” – as the company’s CEO testified before the Senate – while it implemented its new operating strategy, despite prior assurances to investors to the contrary.

After being appointed to represent lead plaintiffs Ironworkers Locals 40, 361 & 417 Union Annuity, Pension, and Topping Out Funds, Robbins Geller and co-counsel defeated defendants’ motion to dismiss and conducted discovery.

Robbins Geller attorneys Jason C. Davis, Ashley M. Price, Peter Ko, Mark Conover, and Jack Abbey Gephart and co-lead counsel represent the lead plaintiffs.

Bucks County Employees Retirement System v. Norfolk Southern Corp., No. 1:23-cv-04175-SDG (N.D. Ga.).