Scott+Scott, Attorneys at Law, LLP Reminds Investors of Upcoming Deadline to File Lead Plaintiff Papers in Teekay Corporation...
April 29 2016 - 2:14PM
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 (NYSE:TK) (“Teekay”
or “Company”) 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.
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 scottlaw@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.
CONTACT:
Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com, or
mburnett@scott-scott.com
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