SEC investigates CSX's accounting

Photo: © Tony Dezenzio

US railroad CSX disclosed today in a 10-Q filing lodged with the Securities and Exchange Commission (SEC) that earlier this month it received a subpoena* from the enforcement division of the SEC “requesting information relating to, among other things, the accounting restatement disclosed in the Company’s August 5, 2024 10-Q”.

(*Earlier this summer, it made the headlines as it delayed its quarterly earnings “report due to [a] review of [the] prior period accounting“.)

The company has also been responding “to information requests by the SEC related to certain of the company’s non-financial performance metrics”.

CSX said it is cooperating with the SEC and providing information responsive to these requests, and it believes its reporting “complied with applicable requirements in all material respects”.

However, it “cannot anticipate the timing, scope, outcome or possible impact of the investigation, financial or otherwise”.

Stock price falling -5.9% to $33.4 at the time of writing.

Out earlier today on Premium: ‘How battered railroad CSX thinks about… trucking upside in 2025‘.