The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (OTC Markets: OSGIQ) between May 4, 2009 and October 19, 2012, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
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 proposed class, you may request that the Court appoint you as lead plaintiff of the class no later December 26, 2012. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.