Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Overseas Shipholding Group Inc.
Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/osg) announces that a class action lawsuit 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”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/osg
OSG 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.
According to the Complaint, on October 3, 2012, the Company disclosed 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.” Further, on October 16, 2012, it was reported in the media that the Company might be facing a liquidity squeeze and its Chief Executive Officer 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, on volume of over 8 million shares.
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