Securities attorneys have filed a class action complaint on behalf of investors asserting Section 11, Section 15 and Section 12(a)(2) claims under the Securities Act of 1933 in connection with investment losses from investments in Overseas Shipping Group, Inc. (“Overseas”) (Symbol: OSG, OSGIQ) 8 1/8% Senior Notes due 2018 which were sold in a March 24, 2010 $300 million registered public offering.
The complaint alleges that the individual defendants, underwriters and accountants are liable for material misstatements concerning Overseas’ net income and earnings per share in the offering materials. The complaint further alleges that on October 22, 2012, Overseas announced that its quarterly and annual financial statements for “at least” 2009 through the first two quarters of 2012 “should no longer be relied upon.”
On November 14, 2012, Overseas filed for bankruptcy.
See Koether IRA Rollover v. Arntzen et al, Case No. 12-CV-9104 (Southern District of New York) (case was removed from New York state court to federal court on December 13, 2012).