Scott+Scott, Attorneys at Law, LLP Reminds Investors of Upcoming Deadline to File Lead Plaintiff Papers in Teekay Corp. (NYSE...
April 26 2016 - 11:32AM
Business Wire
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a global
investor rights law firm, reminds investors that May 2, 2016
is the last day to file lead plaintiff papers in the securities
lawsuit against Teekay Corporation (“Teekay” or “Company”)(NYSE:TK)
and certain of its directors (collectively, “Defendants”). Teekay
investors are encouraged to contact Scott+Scott at (800) 404-7770
or email scottlaw@scott-scott.com to discuss their legal
rights.
Teekay was founded in 1973 as a regional shipping company and
tanker operator. Today, Teekay has a diversified fleet with over
$12 billion in assets and some of the world’s largest fleets in the
Company’s core markets.
On December 16, 2015, Teekay issued a press release in which it
announced that the Company’s “Board of Directors has approved a
plan to reduce the Company’s quarterly dividend to $0.055 per
share, down from $0.55 per share in the third quarter of 2015,
commencing with the fourth quarter of 2015 dividend payable in
February 2016.” On this news, Teekay’s share price declined
58%.
About the Lawsuit
The complaint alleges that between June 30, 2015 and December
17, 2015, inclusive (the “Class Period”), Defendants made false
and/or misleading statements and/or failed to disclose that: (1)
the Company’s repeated assurances that it would maintain a
quarterly dividend of at least $0.55 per share were baseless; (2)
the Company knew, based on then-present facts, that it could not
support future dividend payments in excess of $0.55 per share; (3)
the cash flows from the Company’s master limited partnerships
(“MLPs”) – Teekay LNG Partners LP (“TGP”) and Teekay Offshore
Partners LP (“TOO”) – could not possibly sustain such high
dividends; and (4) Teekay misled the market about the strength of
its business and financial condition.
What You Can Do
If you purchased shares of Teekay stock, you may have legal
claims against the Company. If you want to discuss filing lead
plaintiff papers, or have questions about your legal rights, please
contact by telephone at (800) 404-7770, or by email at
scottcases@scott-scott.com or mburnett@scott-scott.com.
About Scott + Scott, Attorneys at Law, LLP
Scott+Scott has significant experience prosecuting major
securities, antitrust, and employee retirement plan actions
throughout the United States. The firm has offices in New York,
London, Connecticut, California, and Ohio. Please visit
www.scott-scott.com for more information about the firm.
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version on businesswire.com: http://www.businesswire.com/news/home/20160426006332/en/
Michael BurnettScott+Scott, Attorneys at Law,
LLP800-404-7770860-537-5537scottcases@scott-scott.com,
ormburnett@scott-scott.com
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