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    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
  Report
Delayed Toronto Stock Exchange  -  04:18:30 2023-03-21 pm EDT
157.46 CAD   -0.10%
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Norfolk Southern shareholders sue over Ohio derailment

03/17/2023 | 04:26pm EDT
FILE PHOTO: A general view of the site where toxic chemicals were spilled following a train derailment, in East Palestine

(Reuters) - Norfolk Southern Corp shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month's derailment of a train carrying hazardous chemicals in East Palestine, Ohio.

In a lawsuit filed on Thursday in Columbus, Ohio, federal court, shareholders said Norfolk Southern played down the risks of using what is called "Precision Scheduled Railroading," which relies on longer and heavier trains that require fewer workers.

Shareholders said Norfolk Southern embraced a "culture of increased risk-taking" that left it vulnerable to increased train derailments, making its public statements about the safety of its operations materially false or misleading.

A Norfolk Southern spokesman declined to comment, saying the Atlanta-based company does not discuss pending litigation.

Other defendants include Chief Executive Alan Shaw, his predecessor James Squires, and Chief Financial Officer Mark George.

Norfolk Southern has faced many lawsuits over the Feb. 3 derailment, including cases brought by local residents and Ohio's attorney general.

The derailment released more than 1 million gallons of hazardous materials and pollutants into the environment, and the U.S. Environmental Protection Agency has ordered Norfolk Southern to clean up the contamination and pay the costs.

Thursday's lawsuit was filed by Pennsylvania's Bucks County Employees Retirement System, and seeks damages for shareholders between Oct. 28, 2020 and March 3, 2023.

Norfolk Southern's share price fell 9.4% between the derailment and March 3, wiping out about $5.4 billion of market value.

Six of the seven largest U.S. freight railroads use Precision Scheduled Railroading: Norfolk Southern, Canadian National, Canadian Pacific, CSX, Kansas City Southern and Union Pacific.

The seventh railroad, BNSF, part of Warren Buffett's Berkshire Hathaway Inc, does not use it.

The case is Bucks County Employees Retirement System v Norfolk Southern Corp et al, U.S. District Court, Southern District of Ohio, No. 23-00982.

(Reporting by Jonathan Stempel in New York; Editing by Howard Goller)

By Jonathan Stempel


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 1.01% 460515.03 Delayed Quote.-1.75%
CANADIAN NATIONAL RAILWAY COMPANY -0.10% 157.46 Delayed Quote.-2.00%
CANADIAN PACIFIC RAILWAY LIMITED 0.16% 105.97 Delayed Quote.4.80%
CSX CORPORATION 0.48% 29.32 Delayed Quote.-5.36%
NORFOLK SOUTHERN CORPORATION 0.03% 205.39 Delayed Quote.-16.65%
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Financials
Sales 2023 17 554 M 12 786 M 12 786 M
Net income 2023 5 080 M 3 700 M 3 700 M
Net Debt 2023 16 182 M 11 786 M 11 786 M
P/E ratio 2023 20,3x
Yield 2023 1,99%
Capitalization 105 B 76 670 M 76 670 M
EV / Sales 2023 6,92x
EV / Sales 2024 6,60x
Nbr of Employees 23 971
Free-Float 98,3%
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Technical analysis trends CANADIAN NATIONAL RAILWAY COMPANY
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Mean consensus OUTPERFORM
Number of Analysts 32
Last Close Price 157,62 CAD
Average target price 171,05 CAD
Spread / Average Target 8,52%
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Managers and Directors
Tracy A. Robinson President, CEO & Non-Independent Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Shauneen E. Bruder Chairman
Dominique Malenfant Chief Information & Technology Officer, EVP
Nayan Bharadwa Assistant Vice President-Operational Technology