UPDATE: Clarkston Capital Markets Downgrades Overseas Shipholding Group to Market Perform

Clarkston Capital Markets downgraded Overseas Shipholding Group (NYSE: ASG) from Outperform to Market Perform as the company announced it would restate financial statements for the last three years. Clarkston Capital Markets commented, "Prior to today's announcement, we had believed that OSG had an NAV well in excess of where the shares were trading. However now that OSG is reviewing a tax issue and may have to restate 3 years of results, we believe that valuing OSG today has become a starkly opaque process. While they still may get a solution, it is, in our view, nearly impossible to take a position as to what a solution might look live. As such we are downgrading to Market Perform from Outperform and expect even the most speculative investors to stay on the sidelines for now." Overseas Shipholding Group closed at $3.25 on Friday.