STEVENSON, Md., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation 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 all persons or entities who purchased or otherwise acquired securities of Overseas Shipholding Group, Inc. ("Overseas Shipholding" or the "Company") (NYSE:OSG) during the period between May 4, 2009 and October 19, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Overseas Shipholding Group, Inc. during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 26, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company lacked adequate internal and financial controls and improperly accounted for certain tax. According to the complaint, after, on October 3, 2012, the Company announced 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," after, on October 16, 2012, it was reported in the media that the Company might be facing a liquidity problems, and its Chief Executive Officer confirmed that the Company had hired a financial adviser and was in talks with its lenders, and, after, on October 22, 2012, the Company disclosed that it was reviewing a tax issue arising from it being domiciled in the United States and having substantial international operations and relating to the interpretation of certain provisions in its loan agreements, that the Company's Audit Committee concluded that the financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the quarters ended March 31 and June 30, 2012, should no longer be relied upon and is evaluating if it will need to restate for those periods, and that the Company was negotiating with creditors and is evaluating its strategic options including filing for bankruptcy, the value of Overseas Shipholding shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.