Tanker Co. Hit With Investor Class Action Over Debt Issues

Law360, New York (October 29, 2012, 3:34 PM EDT) -- Oil shipping giant Overseas Shipholding Group Inc. has been hit with a class action in New York federal court accusing it of misleading investors over its finances, the plaintiffs' counsel announced Friday, compounding the company's woes after a recent announcement that it was considering entering bankruptcy.

According to the plaintiffs’ counsel, Ryan & Maniskas LLP, OSG had released materially false and misleading financial statements to its shareholders, which failed to disclose that it had improperly accounted for a number of tax liabilities resulting from its international...
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