Pomerantz Law Firm Reminds Shareholders of Overseas Shipholding Group, Inc. of
Upcoming Deadline -- OSG
NEW YORK, Nov. 9, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Overseas
Shipholding Group, Inc. ("Overseas Shipholding" or the "Company") (NYSE:OSG)
and certain of its officers. The class action filed in United States District
Court, Southern District of New York, and docketed under 12 CIV. 7938 is on
behalf of a class consisting of all persons or entities who purchased or
otherwise acquired securities of Overseas Shipholding between May 4, 2009 and
October 19, 2012, both dates inclusive (the "Class Period"). This class action
seeks to recover damages against the Company and certain of its officers and
directors as a result of alleged violations of the federal securities laws
pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act and Rule
10b-5 promulgated thereunder.
If you are a shareholder who purchased Overseas Shipholding securities during
the Class Period, you have until December 26, 2012 to ask the Court to appoint
you as Lead Plaintiff for the Class. A copy of the Complaint can be obtained
at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number.
Overseas Shipholding is one of the world's leading tanker companies engaged
primarily in the transportation of crude oil and petroleum products. At
December 31, 2011, the Company owned or operated a modern fleet of 111 double
hulled vessels of which 89 vessels operated in the international market and 22
operated in the U.S. Flag market.
The Complaint alleges that throughout the Class Period, the Company made
materially false and misleading statements regarding the Company's business,
operations and compliance policies. Specifically, the Company made false
and/or misleading statements and/or failed to disclose that: (i) the Company
improperly accounted for certain tax liabilities; (ii) the Company 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
On October 3, 2012, the Company disclosed the resignation of a Board member
due to "a disagreement with the Board as to the process the Board is taking in
reviewing a tax issue." On this news, Overseas Shipholding stock declined
$0.26 per share or 3.6%, to close at $6.82 per share on October 3, 2012.
On October 16, 2012, it was reported in the media that the Company might be
facing a liquidity problems, and its Chief Executive Officer confirmed that
the Company had hired a financial adviser and was in talks with its lenders.
On this news, Overseas Shipholding stock declined $1.77 per share or over 34%
within two trading sessions, to close at $3.40 per share on October 17, 2012.
On October 22, 2012, the Company disclosed that it was reviewing a tax issue
arising from it being domiciled in the United States and having substantial
international operations, and relating to the interpretation of certain
provisions in its loan agreements. Moreover, the Company's Audit Committee
concluded that the financial statements for at least the three years ended
December 31, 2011 and associated interim periods, and for the quarters ended
March 31 and June 30, 2012, should no longer be relied upon and is evaluating
if it will need to restate for those periods. The Company further disclosed
that it is negotiating with creditors and is evaluating its strategic options
including filing for bankruptcy. On this news, Overseas Shipholding stock
declined $2.02 per share or 62%, to close at $1.23 per share on October 22,
The Pomerantz Firm, with offices in New York, Chicago and San Diego, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 75 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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