San Diego, CA -- (SBWIRE) -- 10/24/2012 -- An investigation on behalf of investors of Overseas Shipholding Group Inc. (NYSE:OSG) shares over potential securities laws violations by Overseas Shipholding Group Inc. and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Overseas Shipholding Group Inc. (NYSE:OSG), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Overseas Shipholding Group Inc. (NYSE:OSG) concerning whether a series of statements by Overseas Shipholding Group Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Overseas Shipholding Group Inc reported that its annual Revenue fell from over $1.7 billion in 2008 to over $1.04 billion in 2011 and its Net Income of $317.67 million in 2008 turned into a Net Loss of $192.92 million in 2011.
On October 22, 2012, Overseas Shipholding Group Inc. (NYSE:OSG) announced that it is in the process of 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.
Overseas Shipholding Group Inc. said that as a result of that continuing process, on October 19, 2012, the its Audit Committee of the Board of Directors concluded that Overseas Shipholding Group’s previously issued financial statements for at least the three years ended December 31, 2011and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.
Furthermore, Overseas Shipholding Group Inc. said that it is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.
Overseas Shipholding Group Inc. (NYSE:OSG) declined from $3.25 per share on Friday to as low as $1.05 per share on Monday, October 22, 2012, which less than 10% of its 52 week High of $15.16 per shares.
Those who purchased shares of Overseas Shipholding Group Inc. (NYSE:OSG), have certain options and should contact the Shareholders Foundation.
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