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TMCNet:  Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Overseas Shipholding Group, Inc.

[November 21, 2012]

Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Overseas Shipholding Group, Inc.

LOS ANGELES --(Business Wire)--

The Law Offices of Todd M. Garber 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 a class (the "Class") comprising all persons or entities who purchased the securities of Overseas Shipholding Group, Inc. ("OSG" or the "Company") (OTC Markets:OSG;OSGIQ) between April 28, 2008 and October 22, 2012, inclusive (the "Class Period").

OSG primarily engages in the transportation of crude oil and petroleum products through a Company-owned fleet of oceangoing vessels that transport liquid cargoes in the United States flag trades and international markets. 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 laked 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.


On October 22, 2012 the Company filed a Form 8-K with the Securities and Exchange Commission disclosing that on October 19, 2012 "the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company's previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon." The Form 8-K further stated that the Company is reviewing whether a restatement of those financial statements may be required and "evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code."

If you are a member of the above-described Class, you may move the Court no later than December 24, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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