Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Overseas Shipholding Group, Inc.
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all persons or entities who purchased the securities of Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE: OSG) between May 4, 2009 and October 19, 2012, inclusive (the “Class Period”).
OSG primarily engages in the transportation of crude oil and petroleum products through a Company-owned fleet of oceangoing vessels that transport liquid cargoes in the United States flag trades and international markets. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly accounted for certain tax liabilities; (2) as a result, the Company's financial results were misstated during the Class Period; (3) the Company lacked adequate internal and financial controls; (4) as a result, the defendants' statements during the Class Period were materially false and misleading; and (5) as a result of the foregoing, the defendants' positive statements about OSG's financial performance, well-being and prospects lacked a reasonable basis.
On October 22, 2012 the Company filed a Form 8-K with the Securities and Exchange Commission disclosing that on October 19, 2012 “the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company's previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.” The Form 8-K further stated that the Company is reviewing whether a restatement of those financial statements may be required and “evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.”
If you are a member of the Class described above, you may move the Court, no later than 60 days from October 24, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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