NEW YORK--(BUSINESS WIRE)-- Abraham, Fruchter & Twersky, LLP has commenced an investigation concerning possible violations of federal securities laws by Overseas Shipholding Group Inc. (“OSG” or the “Company”) (NYSE:OSG). The investigation focuses on whether the Company and its executives violated federal securities laws by disclosing misguided statements regarding the Company’s business prospects and as a result, violated Generally Accepted Accounting Principles and the U.S. Securities and Exchange Commission rules.
On October 22, 2012, the Company announced that their financial statements for the past three years should no longer be relied upon after reviewing the Company’s tax issues related to the Company’s domicile in the U.S. and its substantial international operations. The financial review occurred when the director and audit committee member of the Company resigned due to a disagreement with the Board as to the process of reviewing these tax issues. The Company determined that financial restatements for the previous three year period would possibly be needed. Further, the Company also announced issues related to the interpretation of provisions in its loan agreement, the negotiations with creditors, and the contemplation of filing for Chapter 11 bankruptcy protection. In a reaction to this news, shares of OSG fell as much as 68% on unusually high trading volume.
If you purchased the common stock of OSG during the period of May 6, 2009 through October 22, 2012 and would like to discuss this investigation, or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via e-mail at firstname.lastname@example.org or email@example.com.
Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
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Source: Abraham, Fruchter & Twersky, LLP