Overseas Shipholding Group, Inc.
Robbins Umeda LLP Announces an Investigation of Overseas Shipholding Group, Inc.
Robbins Umeda LLP announces an investigation of Overseas Shipholding Group, Inc. (NYSE: OSG). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On October 22, 2012, OSG announced that its Audit Committee 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 announcement disclosed that the Company is “reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements.” Further the Company stated that it’s negotiating with creditors and is evaluating its strategic options including filing for bankruptcy. On this news, shares in OSG declined over 62%, from a close of $3.25 per share on October 19, 2012 to $1.23 per share on October 22, 2012.
Robbins Umeda LLP highlights that one option available to Overseas Shipholding Group, Inc. shareholders is filing a class action lawsuit on behalf of investors to recover damages incurred as a result of the wrongdoing.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.