Summary
This 8-K filing from Norfolk Southern Corporation (NSC) on September 19, 2011, primarily concerns the procedural status of a shareholder derivative lawsuit. The company had previously filed a motion to dismiss the action, _Treppel v. Reason, et al._, based on its Board of Directors' Special Litigation Committee's conclusion that continuing the lawsuit was not in the company's best interest. On August 19, 2011, the plaintiff filed a motion to dismiss the action. Subsequently, on September 12, 2011, the Court granted this dismissal motion. The order dismisses the plaintiff with prejudice, and the lawsuit itself will be dismissed without prejudice unless another shareholder intervenes within 30 days of the order's entry to argue against dismissal. The company's original motion to dismiss remains pending until this 30-day period expires.
Key Highlights
- 1Norfolk Southern Corporation (NSC) is providing an update on a shareholder derivative lawsuit, _Treppel v. Reason, et al._
- 2The company had previously moved to dismiss the lawsuit, citing the Special Litigation Committee's recommendation against its continuation.
- 3The plaintiff in the lawsuit subsequently filed a motion to dismiss the action themselves.
- 4On September 12, 2011, the Court entered an order granting the plaintiff's motion to dismiss.
- 5The plaintiff is dismissed from the action with prejudice.
- 6The lawsuit will be dismissed without prejudice as to the company and its shareholders unless another shareholder intervenes within 30 days to oppose dismissal.
- 7The company's original Motion to Dismiss will remain pending during this 30-day intervention period.