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Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Overseas Shipholding Group,

  Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class
  Action Lawsuit Against Overseas Shipholding Group, Inc.

Business Wire

LOS ANGELES -- December 01, 2012

Glancy Binkow & Goldberg LLP announces that all purchasers of the securities
of Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (OTC Markets:
OSGIQ) between May 4, 2009 and October 19, 2012, inclusive (the “Class
Period”), have until December 26, 2012 to file a motion with the Court to be
appointed as lead plaintiff. The securities fraud class action lawsuit was
filed in the United States District Court for the Southern District of New
York.

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 purchased OSG securities between May 4, 2009 and October 19, 2012, you
may move the Court no later than December 26, 2012 to serve as lead plaintiff;
however, you must meet certain legal requirements. To be a member of the Class
you need not take action at this time; you may retain counsel of your choice
or take no action and remain an absent Class member. To learn more about this
action, or if you have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Michael Goldberg,
Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100,
Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at
(888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website
at http://www.glancylaw.com.

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

Contact:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com