NEW YORK, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Overseas Shipholding Group, Inc. ("OSG" or the "Company") (NYSE:OSG) stock between May 4, 2009 and October 19, 2012.
For more information, click here: http://zlk.9nl.com/overseas-shipholding-group-osg.
On October 16, 2012, it was reported that the Company might be facing a liquidity squeeze and its CEO confirmed that the Company had hired a financial adviser and was in talks with its lenders. On this news, shares in OSG declined from a close of $5.17 per share on October 15, 2012 to $3.76 per share on October 16, 2012. Then on October 22, 2012, the Company disclosed that it was reviewing a tax issue arising from it being domiciled in the United States and also determined that the financial statements for at least the three years ended December 31, 2011 and for the quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Company further disclosed that it is negotiating with creditors and is evaluating its strategic options that include filing for bankruptcy. On this news, Overseas Shipholding stock declined $2.02 per share or 62%, to close at $1.23 per share on October 22, 2012.
If you suffered a loss in OSG you have until December 24, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/overseas-shipholding-group-osg.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP