LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of CSX Corporation (“CSX” or the “Company”) (NASDAQ: CSX) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 5, 2024, CSX announced it had “identified misstatements between the balance sheet and operating expense in previously issued financial statements” after the Company “completed a review of the accounting treatment for engineering scrap and certain engineering support labor.”
Then on October 17, 2024, CSX revealed it had received a subpoena from the Enforcement Division of the U.S. Securities and Exchange Commission ("SEC") requesting information relating to, among other things, the accounting restatement disclosed in the Company’s August 5, 2024 10-Q. The Company further revealed it “has also been responding to information requests by the SEC related to certain of the Company’s non-financial performance metrics.”
On this news, the Company’s share price fell as much as 5.8% during intraday trading on October 17, 2024, thereby injuring investors.
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If you purchased CSX securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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