An investor, who purchased NYSE:TK shares, filed a lawsuit in the U.S. District Court for the District Court of Connecticut over alleged violations of Federal Securities Laws by Teekay.
Investors who purchased shares of Teekay Corporation (NYSE:TK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2016. NYSE:TK investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of Teekay Corporation (NYSE:TK) common shares between June 30, 2015 and December 17, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 30, 2015 and December 17, 2015 Defendants made allegedly false and/or misleading statements and/or failed to disclose that Teekay Corporation’s repeated assurances that it would maintain a quarterly dividend of at least $0.55 per share were baseless, that Teekay Corporation knew, based on then-present facts, that it could not support future dividend payments in excess of $0.55 per share, that 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.
Shares of Teekay Corporation (NYSE:TK) grew from $26.16 per share in June 2012 to as high as $67.12 per share in October 2014.
On February 19, 2015, Teekay Corporation reported its fourth quarter and annual 2014 results. Teekay Corporation reported that annual total Revenue rose from over $1.83 billion in 2013 to over $1.99 billion in 2014 and that its Net Loss declind from $114.74 million in 2013 to $54.76 million in 2014.
On December 16, 2015 Teekay Corporation (NYSE:TK) announced that its 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. Shares of Teekay Corporation (NYSE:TK) to as low as $4.37 per share on January 20, 2016.
On March 7, 2016, NYSE:TK shares closed at $9.43 per share.
Those who purchased NYSE:TK shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego