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  • johnny66_invest4us johnny66_invest4us Nov 13, 2012 4:55 PM Flag

    New OSG SEC filing

    'As previously disclosed in a Form 8-K filed with the Securities and Exchange Commission on October 22, 2012, the Audit Committee of the Board of Directors of Overseas Shipholding Group, Inc. (the Company), on the recommendation of management, has 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. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. The time frame for completing this review is not currently known. However, it is anticipated to be beyond the November 14, 2012 permitted extension of the prescribed due date for the Form 10-Q.'

    Sentiment: Hold

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    • Looking ugly in after hours trading. Tomorrow should be interesting.

      If the price remains depressed, OSG could join EXM and PRGN on the list of companies that may be de-listed by NYSE for non-compliance

      Would have been interesting to be the proverbial fly-on-the-wall during the discussions about the 10-Q delay.