Block & Leviton launches investigation of Overseas Shipholding Group Inc. for Possible Violations of the Federal Securities Laws

BOSTON, Oct. 22, 2012 /PRNewswire/ -- Block & Leviton LLP (blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Overseas Shipholding Group Inc. ("OSG" or the "Company") (NYSE: OSG). 

The investigation is related to allegations that certain financial results issued by the Company between May 6, 2009 and October 22, 2012 were knowingly false and misleading when made.  On Monday, October 22, 2012, the Company announced that its "Audit Committee of the Board of Directors …, 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."  Similarly, OSG disclosed that "the Company is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code."  On this news, the Company's share price collapsed from $3.25 per share on Friday, October 19, 2012 to close at $1.23 per share on Monday, October 22, 2012 – a decrease of 63% in a single day on tremendously high volume. 

Block & Leviton's investigation seeks to determine, among other things, whether OSG or its officers and directors have violated the Securities Exchange Act of 1934 or any other federal securities laws.  If you have any information relevant to this investigation, or if you purchased OSG shares between May 6, 2012 and October 22, 2012 and have questions about your legal rights, please contact Steven P. Harte at 617-398-5600 or via email at Steven@blockesq.com.  

Block & Leviton is a Boston-based law firm representing investors for violations of the securities laws.  The firm's attorneys have collectively been prosecuting securities cases on behalf of investors for over 50 years.

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SOURCE Block & Leviton LLP

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