Lieff Cabraser Announces Investigation of Overseas Shipholding Group, Inc. For Potential Violations of Securities Laws
November 17 2012 - 9:00AM
Business Wire
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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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