CSX Corporation disclosed on October 17, 2024, that it received a subpoena from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC). The subpoena requests information related to accounting misstatements that CSX previously identified and disclosed in its August 5, 2024 10-Q quarterly filing.
The accounting errors specifically concern the treatment of engineering scrap and certain engineering support labor in previously issued financial statements. Additionally, CSX has been responding to information requests from the SEC regarding certain of the company's non-financial performance metrics.
CSX stated its belief that its reporting complied with applicable requirements in all material aspects. However, the company also noted that it cannot predict the outcome or possible impact of the ongoing investigation, introducing an element of uncertainty for investors.
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