According to a press release a law firm is currently investigating possible securities law violations by Teekay Corp. (NYSE: TK) on behalf of current investors in Teekay Corp. common stock (NYSE: TK) and/ or investors Teekay Corp. common stock (NYSE: TK) of during the period from April 23, 2003 through August 6, 2008.

According to the press release on August 7, 2008 Teekay Corp. announced a major restatement of its financial statements from 2003 through the end of the second quarter of 2008, to account for hedging transactions which were improperly accounted for in apparent violation of accounting rules as set forth in Financial Accounting Standard 133 and it is anticipated that the restatement may materially change previously reported earnings results, including earnings for the June 30, 2008 quarter. As a result of the announcement of this adverse news, Teekay Corp. shares (NSYE: TK) dropped 16%, thereafter continued to decline, and the stock price has never recovered, despite a continuation of the Teekay Corp.s share buy-back program, where such programs generally have the effect of stabilizing or increasing a companys share price, so the investigation.