LOS ANGELES--(BUSINESS WIRE)--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.
“evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.”
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 on October 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 years ended 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 relief to reorganize under 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 email@example.com, or visit our website at http://www.glancylaw.com.
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