The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP is investigating potential wrongdoing by Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE: OSG), including possible violations of federal securities laws as alleged in class action lawsuits brought on behalf of all persons who purchased or otherwise acquired OSG securities between April 28, 2008 and October 22, 2012, inclusive (the “Class Period”).
OSG shareholders, including purchasers in OSG’s offering of common stock on or around March 5, 2010, who wish to learn more about Lieff Cabraser’s investigation should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358.
If you purchased or otherwise acquired OSG securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 26, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
OSG is a global oil and petroleum products tanker company based in New York, New York. As of December 31, 2011, the Company owned and operated a fleet of 111 double-hulled vessels, including 89 vessels operated in the international markets and 22 operated in the United States flag markets.
The actions allege that, throughout the Class Period, OSG and certain of its senior executives made false and/or misleading statements and/or failed to disclose that: (i) OSG improperly accounted for certain tax liabilities; (ii) OSG lacked adequate internal and financial controls; and (iii) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On October 3, 2012, OSG disclosed that one of its Board members had resigned due to “a disagreement with the Board as to the process the Board is taking in reviewing a tax issue.” On this news, the price of OSG stock declined $0.26 per share, or 3.6%, to close at $6.82 per share.
On October 16, 2012, media reports surfaced that OSG may be facing liquidity problems, and OSG’s Chief Executive Officer confirmed that the Company had hired a financial adviser and was in talks with its lenders. On this news, the price of OSG stock fell $1.41 per share, or over 24%, to close at $3.76 per share.
On October 22, 2012, defendants revealed that in connection with the Board’s review of the tax issue, the Board’s Audit Committee concluded that OSG’s previously issued financial statements for at least the three years ended December 31, 2011 and interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. On this news, Standard & Poor’s Ratings Service lowered its credit rating on OSG to triple-C-minus from triple-C-plus, while OSG’s stock price fell another $2.02 per share, or more than 62%, closing at $1.23 per share.
About Lieff Cabraser
Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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