TEEKAY SHAREHOLDER ALERT – TK: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Class Action Lawsuit
April 14 2016 - 2:27PM
The law firm of Kessler Topaz Meltzer & Check, LLP reminds
Teekay Corporation (NYSE:TK) (“Teekay” or the “Company”)
shareholders that a class action lawsuit has been filed on behalf
of purchasers of the Company’s securities
between June 30,
2015 and December 17, 2015, inclusive (the “Class
Period”).
Investors who purchased their Teekay securities
during the Class Period may, no later than May 2,
2016, petition the Court to be appointed as a lead
plaintiff representative of the class. For additional
information please visit
https://www.ktmc.com/new-cases/teekay-corporation#join.
Teekay shareholders who wish to discuss this action
and their legal options are encouraged to contact Kessler Topaz
Meltzer & Check, LLP (Darren J. Check, Esq. or D. Seamus
Kaskela, Esq.) at (888) 299 – 7706 or at info@ktmc.com.
As detailed in the complaint, on June 30, 2015, the
Defendants increased Teekay’s quarterly dividend by 75% to $0.55
per share, and assured investors that the Company would maintain
its high dividend. Thereafter, Teekay and certain of its
executive officers issued a series of false and misleading
statements which continued to represent that the Company remained
on track to continue to pay out high dividends, and that Teekay
would increase its dividend by 15-20% in the near future.
On December 16, 2015, Teekay shocked investors when
it announced that it was slashing its dividend by 90% – from $0.55
per share to just $0.055 per share. On this news, the price of
Teekay’s common stock declined $10.22 per share, or over 58
percent, to close on December 17, 2015 at $7.27 per share, on heavy
trading volume.
The complaint alleges that Teekay and certain of
its executive officers made materially false and misleading
statements to investors during the Class Period which
misrepresented and/or omitted to disclose, among other things,
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; and
(3) the cash flows from the Company’s master MLPs could not
possibly sustain such high dividends. As a result of the
foregoing, Teekay misled the market about the strength of its
business and financial condition.
Members of the purported class may, no
later than May 2, 2016, petition the Court to be appointed
as a lead plaintiff of the class. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. In order to be appointed as a lead
plaintiff, the Court must determine that the class member’s claim
is typical of the claims of other class members, and that the class
member will adequately represent the class in the action.
Your ability to share in any recovery is not affected by the
decision of whether or not to serve as a lead plaintiff. For
additional information please visit
https://www.ktmc.com/new-cases/teekay-corporation#join.
Kessler Topaz Meltzer & Check prosecutes class
actions in state and federal courts throughout the country.
Kessler Topaz Meltzer & Check is a driving force behind
corporate governance reform, and has recovered billions of dollars
on behalf of institutional and individual investors from the United
States and around the world. The firm represents investors,
consumers and whistleblowers (private citizens who report
fraudulent practices against the government and share in the
recovery of government dollars). The complaint in this action
was not filed by Kessler Topaz Meltzer & Check. For
additional information please visit www.ktmc.com.
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