Securities Class Action Lawsuit Filed Against Overseas Shipping
Securities Class Action Lawsuit Filed Against Overseas Shipping Group Inc.; Shareholders With Large Losses Encouraged to Contact Holzer Holzer & Fistel, LLC Regarding December 26, 2012 Lead Plaintiff Deadline
ATLANTA, GA -- (Marketwire) -- 12/06/12 -- A class action lawsuit has been filed on behalf of investors who purchased common stock of Overseas Shipping Group, Inc. ("Overseas Shipping" or the "Company") (NYSE: OSG) between May 4, 2009 and October 19, 2012. The lawsuit, which was filed in the United States District Court for the Southern District of New York, alleges that Overseas Shipping issued false and misleading statements that caused its stock to trade at artificially inflated prices. Specifically, the complaint alleges that Overseas Shipping improperly accounted for tax liabilities during that time. On October 22, 2012, after a series of revelations about the Company that drove down its stock price, Overseas Shipping announced that its financial statements for three years ending December 31, 2011 could not be relied on and that it may restate those results. Overseas Shipping's stock price declined even further on the news.
If you purchased Overseas Shipping common stock between May 4, 2009 and October 19, 2012, and suffered a net loss on those purchases you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than December 26, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. (email@example.com) or Marshall P. Dees, Esq. (firstname.lastname@example.org) by email or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.