Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Overseas Shipholding Group, Inc.

  Law Offices of Todd M. Garber Announces Class Action Lawsuit Against
  Overseas Shipholding Group, Inc.

Business Wire

LOS ANGELES -- November 21, 2012

The Law Offices of Todd M. Garber 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 (the “Class”) comprising all persons or entities
who purchased the securities of Overseas Shipholding Group, Inc. (“OSG” or the
“Company”) (OTC Markets:OSG;OSGIQ) between April 28, 2008 and October 22,
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 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.” The Form 8-K further stated that the Company is reviewing
whether a restatement of those financial statements may be required and
“evaluating its strategic options, including the potential voluntary filing of
a petition for reliefto reorganizeunder Chapter 11 of the Bankruptcy Code.”

If you are a member of the above-described Class, you may move the Court no
later than December 24, 2012 to serve as lead plaintiff; however, you must
meet certain legal requirements. To be a member of the Class you need not take
any action at this time, or you may retain counsel of your choice. If you have
information or would like to learn more about these claims, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Todd M. Garber, Esquire, of the Law
Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to
info@toddgarberlaw.com.

This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

Contact:

Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
213-700-7262
info@toddgarberlaw.com