Law Offices of Howard G. Smith announces that investors of Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (OTC Markets:OSGIQ) have until December 26, 2012 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of OSG securities 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.”
If you are a member of the Class described above, you have certain rights, and have until December 26, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.