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Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Overseas Shipholding Group Inc


Saturday, 10 Nov 2012 04:30pm EST 

Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all purchasers of the securities of Overseas Shipholding Group Inc between May 4, 2009 and October 19, 2012, inclusive (the Class Period). The Complaint alleges violations of federal securities laws against the Company and certain of its executive officers. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly accounted for certain tax liabilities; (2) as a result, the Company’s financial results were misstated during the Class Period; (3) the Company lacked adequate internal and financial controls; (4) as a result, the defendants’ statements during the Class Period were materially false and misleading; and (5) as a result of the foregoing, the defendants’ positive statements about OSG’s financial performance, well-being and prospects lacked a reasonable basis. 

Company Quote

13.43
-0.07 -0.52%
29 Jul 2014