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Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Overseas Shipholding Group, Inc.

In the news release, Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Overseas Shipholding Group, Inc., issued 23-Oct-2012 by Bronstein, Gewirtz & Grossman, LLC over PR Newswire, we are advised by the company that the second paragraph, first sentence, should read "On October 22, 2012, shares of OSG fell $2.02 or 62% to close at $1.23 after announcing that it is negotiating with creditors and is evaluating options including filing for bankruptcy." rather than "On May 22, 2012" as originally issued inadvertently. The complete, corrected release follows:

Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Overseas Shipholding Group, Inc.

NEW YORK, Oct. 23, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Overseas Shipholding Group, Inc. ("OSG" or the "Company") (NYSE: OSG), concerning potential violations of federal securities laws.

On October 22, 2012, shares of OSG fell $2.02 or 62% to close at $1.23 after announcing that it is negotiating with creditors and is evaluating options including filing for bankruptcy.  Also, the company is reviewing a tax issue arising from its being domiciled in the U.S. and has substantial international operations, and relating to the interpretation of provisions in its loan agreement. The board's audit committee concluded the company's financial statements for at least the three years ended Dec. 31, 2011, and associated interim periods, and for the fiscal 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.  The investigation is related to allegations that certain financial results issued by the Company were knowingly false and misleading when made.

If you are aware of any facts relating to this investigation, or purchased shares of OSG, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

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