Case Page

 

Case Status:    DISMISSED    
On or around 06/02/2015 (Other)

Filing Date: October 24, 2012

According to the law firm press release, Overseas Shipholding is one of the world's leading tanker companies engaged primarily in the transportation of crude oil and petroleum products. At December 31, 2011, the Company owned or operated a modern fleet of 111 double hulled vessels of which 89 vessels operated in the international market and 22 operated in the U.S. Flag market.

The Complaint alleges that throughout the Class Period, the Company made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, the Company made false and/or misleading statements and/or failed to disclose that: (i) the Company improperly accounted for certain tax liabilities; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On October 3, 2012, the Company disclosed the resignation of a Board member due to "a disagreement with the Board as to the process the Board is taking in reviewing a tax issue." On this news, Overseas Shipholding stock declined $0.26 per share or 3.6%, to close at $6.82 per share on October 3, 2012.

On October 16, 2012, it was reported in the media that the Company might be facing a liquidity problem, and its Chief Executive Officer confirmed that the Company had hired a financial adviser and was in talks with its lenders. On this news, Overseas Shipholding stock declined $1.77 per share or over 34% within two trading sessions, to close at $3.40 per share on October 17, 2012.

On October 22, 2012, the Company disclosed that it was reviewing a tax issue arising from it being domiciled in the United States and having substantial international operations, and relating to the interpretation of certain provisions
in its loan agreements. Moreover, the Company's Audit Committee concluded that the financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the quarters ended March 31 and June 30, 2012, should no longer be relied upon and is evaluating if it will need to restate for those periods. The Company further disclosed that it is negotiating with creditors and is evaluating its strategic options including filing for bankruptcy. On this news, Overseas Shipholding stock declined $2.02 per share or 62%, to close at $1.23 per share on October 22, 2012.

On May 29, 2015, the Court granted the Motion for Summary Judgment of the defendant, and closed this case.

COMPANY INFORMATION:

Sector: Transportation
Industry: Water Transportation
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OSG
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 12-CV-07938
JUDGE: Hon. Stanton
DATE FILED: 10/24/2012
CLASS PERIOD START: 05/04/2009
CLASS PERIOD END: 10/19/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-07948
JUDGE: Hon. Stanton
DATE FILED: 10/25/2012
CLASS PERIOD START: 04/28/2008
CLASS PERIOD END: 10/22/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date