Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Overseas Shipholding Group, Inc.

  Law Offices of Howard G. Smith Announces Class Action Lawsuit Against
  Overseas Shipholding Group, Inc.

Business Wire

BENSALEM, Pa. -- November 10, 2012

Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of New
York on behalf of a class consisting of all purchasers of the securities of
Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE:OSG) between
May 4, 2009 and October 19, 2012, inclusive (the “Class Period”). The
Complaint alleges violations of federal securities laws against the Company
and certain of its executive officers.

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 onOctober 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 yearsended 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.”

No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased OSG
securities between May 4, 2009 and October 19, 2012, 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, and you may
retain counsel of your choice. If you wish to discuss this action or have any
questions concerning this Notice or 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
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com