1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Overseas Shipholding Group Inc. (NYSE:OSG) Investor Alert: Lawsuit alleges False Statements

A lawsuit was filed on behalf of certain investors in shares of Overseas Shipholding Group Inc. (NYSE:OSG). Deadline: December 24, 2012 and NYSE:OSG stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Nov. 19, 2012 - SAN DIEGO -- An investor in shares of Overseas Shipholding Group Inc. (NYSE:OSG) filed a lawsuit in the U.S. District Court for the Southern District of New York against Overseas Shipholding Group Inc.  over alleged securities laws violations in connection certain allegedly false and misleading financial statements.

If you purchased shares of Overseas Shipholding Group Inc. (NYSE:OSG) between May 4, 2009 and October 19, 2012, you have certain options and there are short and strict deadlines running. Deadline: December 24, 2012. NYSE:OSG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Overseas Shipholding Group Inc. (NYSE:OSG)between May 4, 2009 and October 19, 2012, that Overseas Shipholding Group Inc. and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.

Specifically, the plaintiff claims that between May 4, 2009 and October 19, 2012 Overseas Shipholding Group Inc. made materially false and misleading statements regarding the Company's business, operations and compliance policies.

Overseas Shipholding Group Inc reported that its annual Revenue fell from over $1.7 billion in 2008 to over $1.04 billion in 2011 and its Net Income of $317.67 million in 2008 turned into a Net Loss of $192.92 million in 2011. Shares of Overseas Shipholding Group Inc. (NYSE:OSG) declined from as high as $86.83 in 2008 to under $9 per share in early 2012.

On October 3, 2012, Overseas Shipholding Group Inc disclosed the resignation of a Board member due to "a disagreement with the Board as to the process the Board is taking in reviewing a tax issue."

Then on October 22, 2012, Overseas Shipholding Group Inc. (NYSE:OSG) announced that it is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements.

Overseas Shipholding Group Inc. said that as a result of that continuing process, on October 19, 2012, the its Audit Committee of the Board of Directors concluded that Overseas Shipholding Group’s previously issued financial statements for at least the three years ended December 31, 2011and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

Furthermore, Overseas Shipholding Group Inc. said that it is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.

Overseas Shipholding Group Inc. (NYSE:OSG) declined from $3.25 per share on Friday, October 19, 2012, to as low as $1.05 per share on Monday, October 22, 2012, which less than 10% of its 52 week High of $15.16 per shares.

On October 25, 2012, NYSE:OSG shares closed at $1.32 per share.

Those who purchased shares of Overseas Shipholding Group Inc. (NYSE:OSG) between May 4, 2009 and October 19, 2012, have certain options and there are short and strict deadlines running. Deadline: December 24, 2012. NYSE:OSG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Photo:
http://www.prlog.org/12025942/1

--- End ---

Click to Share

Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
Location:San Diego - California - United States
Industry:Business, Finance
Tags:Overseas Shipholding Group, nyse:osg, lawsuit, class action, securities class action
Shortcut:prlog.org/12025942
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share