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Teekay Corporation (NYSE: TK) Investor Securities Class Action Lawsuit 03/01/2016

  • If you purchased shares of Teekay Corporation (NYSE: TK), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Teekay Corp.
Security
NYSE: TK

Case Name
Teekay Corp. Shareholder Class Action Lawsuit 03/01/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of Washington

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 7, 2017 - The court granted defendants' motion to dismiss .

March 14, 2017 - A motion to dismiss the amended complaint was filed.

January 13, 2017 - An amended complaint was filed.

November 18, 2016 - The case was transferred to the U.S. District Court for the Western District of Washington.

March 1, 2016 - An investor in shares of Teekay Corporation (NYSE: TK) filed a lawsuit in the U.S. District Court for the District Court of Connecticut over alleged violations of Federal Securities Laws by Teekay Corporation in connection with certain allegedly false and misleading statements made between June 30, 2015 and December 17, 2015.

According to the complaint 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 declined 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.