Deadline Alert: Law Offices of Howard G. Smith Reminds Investors of the Upcoming May 2 Deadline in the Securities Class Actio...
April 29 2016 - 2:31PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming May 2, 2016 deadline to file a lead
plaintiff motion in the class action filed on behalf of investors
who purchased Teekay Corporation (“Teekay” or the “Company”) (NYSE:
TK) securities between June 30, 2015 and December 17, 2015,
inclusive (the “Class Period”). Teekay investors have
until May 2, 2016 to file a lead plaintiff
motion.
Teekay receives most of its revenue from distributions paid by
its master limited partnerships Teekay LNG Partners LP and Teekay
Offshore Partners LP. Because of this relationship, the higher the
distributions paid by the master limited partners to their
investors, the more money that Teekay can then distribute in
dividends to investors.
The complaint alleges that throughout the Class Period,
Defendants issued false and misleading statements to investors
and/or failed to disclose that: (1) Teekay’s repeated assurances
that it would maintain a quarterly dividend of at least $0.55 per
share were baseless; (2) Teekay 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 Teekay’s master
limited partnerships – Teekay LNG Partners LP and Teekay Offshore
Partners LP – could not possibly sustain such high dividends.
However, on December 16, 2015, Teekay disclosed that it was
reducing its dividend by as much as 90%. As a result, the price of
Teekay common stock fell from $17.49 per share on December 16, 2015
to just $7.27 per share on December 17, 2015, thereby injuring
investors.
If you purchased Teekay shares, you may move the Court no later
than May 2, 2016 to request appointment as lead
plaintiff. To be a member of the class you need not take any action
at this time; you may retain counsel of your choice or take no
action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160429006000/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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