Oil Tanker Co. Investor Launches Class Suit Over Statements

Law360, New York (November 26, 2012, 3:08 PM EST) -- An investment group launched a New York state court class action on Wednesday accusing bankrupt Overseas Shipholding Group Inc. executives and their major bank underwriters — including Citigroup Inc. and Morgan Stanley — of issuing false statements before a $300 million debt offering.

Proposed lead plaintiff Paul Otto Koether IRA Rollover alleges OSG executives and their underwriters made false statements about the company’s fiscal year 2009 net income and diluted earnings per share in the runup to the 2010 offering. 

"As Overseas has recently admitted, the...
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