Lieff Cabraser Announces Investigation of Overseas Shipholding Group, Inc.
For Potential Violations of Securities Laws
SAN FRANCISCO -- November 17, 2012
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
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.
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 800-541-7358
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