LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that it is investigating potential claims against Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE:OSG), concerning possible violations of federal securities laws. The investigation is related to certain statements issued by the Company between April 28, 2008 and October 22, 2012 concerning OSG’s financial performance and prospects.
OSG is a tanker company, primarily engaged in the ocean transportation of crude oil and refined petroleum products to independent and state-owned oil companies, oil traders, refinery operators and the United States and international government entities. The investigation is related to the Company’s October 22, 2012 announcement that 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 announcement, included in a Form 8-K filed with the Securities and Exchange Commission, further disclosed that the Company is “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.”
Following this news, the price of OSG shares plummeted $2.02 per share, or 62%, to close on October 22, 2012 at $1.23 per share on heavy trading volume.
If you purchased OSG securities between April 28, 2008 and October 22, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
Source: Law Offices of Todd M. Garber