Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the securities of Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE: OSG) between May 4, 2009 and October 19, 2012, inclusive, (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company, certain of its officers and directors (the “Complaint”).
If you purchased shares of OSG during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/overseas-shipholding-group-inc-osg.
OSG, a Delaware corporation headquartered in New York, New York, is one of the world’s leading tanker companies engaged primarily in the ocean transportation of crude oil and petroleum products. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that the defendants failed to disclose : (1) that the Company improperly accounted for certain tax liabilities arising from the fact that it is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in its loan agreements; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.