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14.03.2016 20:05
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Shareholder Class Action Filed Against Teekay Corporation - TK
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PR Newswire
RADNOR, Pa., March 14, 2016
RADNOR, Pa., March 14, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Teekay Corporation (NYSE: TK) ("Teekay" or the "Company") on behalf of purchasers of the Company's securities between June 30, 2015 and December 17, 2015, inclusive (the "Class Period").
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., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/teekay-corporation.
Teekay was founded in 1973 as a regional shipping company and tanker operator. According to the complaint, Teekay receives the "vast majority" of its cash flow from incentive distributions paid by its master limited partnerships (MLPs").
As detailed in the complaint, on June 30, 2015 (at the start of the Class Period), the Defendants increased Teekay's quarterly dividend by 75% to $0.55 per share. At the same time, the Defendants assured investors that the Company would maintain this high dividend, and that Teekay intended to increase its dividend by 15-20% in the coming years.
The complaint further details how, throughout the Class Period, Teekay and certain of its executive officers issued a series of false and misleading statements to the public representing 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 term.
The complaint alleges that, during the Class Period, Teekay and certain of its executive officers made a series of materially false and misleading statements because they misleadingly omitted and/or misrepresented that, among other things: (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 MLPs could not possibly sustain such high dividends; and (4) Teekay misled the market about the strength of its business and financial condition.
As further detailed in the complaint, on December 16, 2015, Teekay shocked the market 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 plummeted $10.22 per share, or over 58 percent, to close on December 17, 2015 at $7.27 per share, on heavy trading volume.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com
Teekay shareholders who purchased their securities during the Class Period (between June 30, 2015 and December 17, 2015) may, no later than May 2, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. 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.
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 more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-teekay-corporation--tk-300235592.html
SOURCE Kessler Topaz Meltzer & Check, LLP
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