Is constructTSShape leaking?

As I have not delved into the memory manager or garbage collection the following shouts at me

ResourceInstance *constructTSShape(Stream &stream)
{
   TSShape * ret = new TSShape;
   if (ret->read(&stream))
      return ret;
   else
      return NULL;  // <---- IF WE GET HERE ret IS NEVER REFERENCED AGAIN AND SO IS LOST?
}

I've looked in the both TSShape and ResourceInstance constructors and I don't see any register(this) kinda stuff so what gives?

Is operator new() overloaded to auto track allocations and delete them or some other magik?

Am I just being paranoid and missing something?

Perhaps one of you can enlighten me...

regards
neo