San Diego, CA -- (SBWire) -- 01/03/2017 --An investigation on behalf of investors in shares of Teekay Corporation (NYSE:TK) concerning potential breaches of fiduciary duties by certain directors of Teekay TK was announced.
Investors who are current long term investors in Teekay Corporation (NYSE:TK) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm for current long term investors in Teekay Corporation (NYSE:TK stocks follows a lawsuit filedagainst Teekay Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:TK stocks, concerns whether certain Teekay directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District Court of Connecticut the plaintiff alleges that the 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.
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.
Those who purchased shares of Teekay Corporation have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Investigation for Long-Term Investors in Shares of Teekay Corporation (NYSE:TK) Announced
An investigation on behalf of current long term investors in Teekay Corporation (NYSE:TK) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:TK stockholders should contact the Shareholders Foundation.