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The Rosen Law Firm announces that it is investigating securities claims against Overseas Shipholding Group, Inc. (NYSE: OSG).
On October 3, 2012 OSG filed with the SEC a resignation letter it received from G. Allen Andreas. In the letter, Andreas states that his resignation results from a disagreement with the Board as to the process the Board was taking in reviewing a tax issue. On October 22, 2012, OSG announced that its financial statements for at least the three years ended December 31, 2011 and associated interim periods, and the first two quarters of 2012, should no longer be relied upon due to the same tax issue. OSG also announced that in connection with the tax issue and other unspecified matters, OSG was evaluating strategic options, including a potential voluntary filing of a Chapter 11 bankruptcy. This news shocked the market and caused OSG’s stock price to fall more than 60%.
The Rosen Law Firm is preparing a class action lawsuit as a result of this adverse information. If you purchased OSG securities between May 6, 2009 and October 22, 2012, you may visit the website at
http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Jonathan Horne of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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